Business
Artemis Gold Announces Upsize to C$175 Million on the Previously Announced Private Placement of Subscription Receipts
All amounts are in Canadian Dollars unless otherwise noted VANCOUVER, BC, June 12, 2020 /CNW/ - Artemis Gold Inc. (TSXV: ARTG) ("Artemis" or the "Company") is p
About this update from Artemis Gold Inc
[{"type":"text","content":" All amounts are in Canadian Dollars unless otherwise noted VANCOUVER, BC, June 12, 2020 /CNW/ - Artemis Gold Inc. (TSXV: ARTG) (\"Artemis\" or the \"Company\") is pleased to announce that it has entered into an agreement with a syndicate of underwriters co-led by Canaccord Genuity Corp. and BMO Capital Markets (collectively, the \"Underwriters\") in connection with a \"bought deal\" private placement financing (the \"Bought Deal Offering\") of an aggregate of 38,900,000 subscription receipts of the Company (the \"Subscription Receipts\"). The Company is also undertaking a non-brokered private placement (the \"Non-Brokered Offering\" and together with the Bought Deal Offering, the \"Offering\") of subscription receipts to insiders of the Company and to a president's list on the same terms as the Bought Deal Offering. The Subscription Receipts will be issued at a price of C$2.70 per Subscription Receipt (the \"Issue Price\") for aggregate gross proceeds from the Bought Deal Offering of C$105,030,000. The Company expects to raise gross proceeds of up to C$70 million pursuant to the Non-Brokered Offering. The proceeds from the issue and sale of approximately C$175 million of Subscription Receipts will be used by the Company to fund its acquisition of the Blackwater Gold Project in British Columbia (the \"Project\") from New Gold Inc. with an initial payment (\"Initial Payment\") of C$140 million (the \"Transaction\") and for general corporate purposes. Further details regarding the Transaction can be found in the Company's news release dated June 9, 2020. At the time the Transaction closes, each Subscription Receipt will be exchanged for one common share of the Company. The Bought Deal Offering and Non-Brokered Offering are expected to close on or about July 7, 2020 and are each subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. The participation by certain insiders of the Company in the Non-Brokered Offering is also subject to approval by the disinterested shareholders of the Company. The closing of the Bought Deal Offering is not conditional on the closing of the Non-Brokered Offering and the closing of the Non-Brokered Offering is not conditional on the closing of the Bought Deal Offering. The Subscription Receipts to b...