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Artemis Closes Bought Deal Component of $171 Million Equity Financing, Including Full Exercise of Over-Allotment Option

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Artemis Closes Bought Deal Component of $171 Million Equity Financing, Including Full Exercise of Over-Allotment Option

 

 

 

 

 

Artemis Gold Inc. (TSX-V: ARTG) 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 at a price of $6.10 per Common Share 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.

 

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 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 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 Common Shares offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful.

 

Posted May 19, 2021

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