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Artemis Gold Announces Shareholder Approval for Private Placement of Subscription Receipts to Related Parties
All amounts are in Canadian Dollars unless otherwise noted VANCOUVER, BC, Aug. 11, 2020 /CNW/ - Artemis Gold Inc. (TSX-V: ARTG) ("Artemis" or, the "Company") is
About this update from Artemis Gold Inc
[{"type":"text","content":" All amounts are in Canadian Dollars unless otherwise noted VANCOUVER, BC, Aug. 11, 2020 /CNW/ - Artemis Gold Inc. (TSX-V: ARTG) (\"Artemis\" or, the \"Company\") is pleased to announce that the disinterested shareholders of the Company have approved the non-brokered private placement of 23,095,600 subscription receipts of the Company (the \"Related Party Offering\") to certain insiders of the Company and their joint actors at the Company's special meeting of shareholders (the \"Meeting\") held earlier today (the \"Disinterested Shareholder Approval\"). Voting Results Insider participation by certain insiders of the Company and their joint actors in the Related Party Offering was approved by 99.8% of the votes cast by disinterested shareholders. Votes for % for Votes against % against 14,841,790 99.8% 25,860 0.2% The Disinterested Shareholder Approval was obtained in connection with the Company's previously announced \"bought deal\" private placement (\"Bought Deal Offering\") and non-brokered private placement, which includes the Related Party Offering (\"Non-Brokered Offering\" and together with the Bought Deal Offering, the \"Offerings\"), of an aggregate of 64,825,925 subscription receipts (the \"Subscription Receipts\") at a price of $2.70 per Subscription Receipt. Each Subscription Receipt entitles the holder to receive one common share in the capital of the Company (a \"Share\") for no additional consideration upon satisfaction of the escrow release conditions to the Offerings, including but not limited to receipt of the Disinterested Shareholder Approval with respect to the Related Party Offering . The Shares issuable in exchange for the Subscription Receipts are subject to a four-month statutory hold period expiring November 8, 2020. Further details regarding the Offerings can be found in the Company's news release dated July 7, 2020. The proceeds from the Offerings will be used by the Company to fund the initial payment of $140 million required for the Company's acquisition of the Blackwater Gold Project in British Columbia (the \"Project\") from New Gold Inc. (the \"Transaction\") and for general corporate purposes. Closing of the Transaction is subject to the satisfaction of customary closing conditions for a transaction of such nature. Both the Company and New Gold continue to progress well in ...