Business
Artemis Gold Closes Bought Deal Component of $171 Million Equity Financing, Including Full Exercise of Over-Allotment Option
All amounts are in Canadian Dollars unless otherwise noted VANCOUVER, BC, May 19, 2021 /CNW/ - Artemis Gold Inc. (TSXV: ARTG) ("Artemis" or the "Company") is pl
About this update from Artemis Gold Inc
[{"type":"text","content":" All amounts are in Canadian Dollars unless otherwise noted VANCOUVER, BC, May 19, 2021 /CNW/ - Artemis Gold Inc. (TSXV: ARTG) (\"Artemis\" or the \"Company\") is pleased to announce that it has closed the bought deal offering component of its previously announced equity financing of up to $171 million , via the issuance of 18,853,100 common shares (the \"Common Shares\"), at a price of $6.10 per Common Share (the \"Offering Price\") for aggregate gross proceeds of $115,003,910, which includes the exercise of the full amount of the over-allotment option of 2,459,100 Common Shares (the \"Bought Deal Offering\"). National Bank Financial and BMO Capital Markets were the co-lead underwriters of the Bought Deal Offering in a syndicate that included Canaccord Genuity Corp, PI Financial Corp., Cormark Securities Inc., Haywood Securities Inc., Stifel GMP and Paradigm Capital Inc. The Common Shares issuable under the Bought Deal Offering were offered pursuant to a prospectus supplement dated May 12, 2021 (the \"Supplement\") to the Company's base shelf prospectus dated January 12, 2021. The terms of the Bought Deal Offering were described in the Supplement which was filed with the securities regulators in each of the provinces and territories of Canada. The Bought Deal Offering was conducted in each of the provinces and territories of Canada, other than Quebec, pursuant to the Supplement, and in the United States by way of a private placement. The Company is also undertaking a non-brokered private placement (the \"Non-Brokered Offering\" and together with the Bought Deal Offering, the \"Offering\") whereby up to 9,200,000 Common Shares will be issued to insiders and employees of the Company, at the Offering Price, for gross proceeds of up to $56,120,000. The Non-Brokered Offering is expected to close by the end of next week. Closing of the Non-Brokered Offering is subject to certain conditions, including but not limited to, the Company receiving the approval of the TSX Venture Exchange. The net proceeds of the Offering will be used by Artemis to make its final cash acquisition payment to New Gold Inc. pursuant to an Asset Purchase Agreement dated June 9, 2020 between Artemis and New Gold Inc., to fund permitting and development costs for the Company's Blackwater Gold Project and for general corporate purposes. The C...