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Artemis to raise $156 million for Blackwater development and other purposes

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(Kitco News) - Artemis Gold (TSX-V: ARTG) announced Monday that it has entered into an agreement with a syndicate of underwriters co-led by National Bank Financial and BMO Capital Markets under which the underwriters have agreed to buy on bought deal basis 16,394,000 common shares, at a price of $6.10 per common share for gross proceeds of approximately $100,003,400.

The company said it is also undertaking a non-brokered private placement whereby up to 9,200,000 common shares will be issued to insiders of the company and to a president’s list, at the offering price, for gross proceeds of up to $56,120,000.

The bought deal offering is expected to close on May 19, 2021 and the non-brokered offering is expected to close on or before May 31, 2021. 

According to the statement, the net proceeds of the offering will be used to make the final cash acquisition payment to New Gold pursuant to an asset purchase agreement dated June 9, 2020 between Artemis and New Gold, fund permitting and development costs for the company’s Blackwater gold project and for general corporate purposes.

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