The Prospector News

ARTEMIS GOLD CLOSES $385 MILLION PROJECT LOAN FINANCING AND $40 MILLION STANDBY COST OVERRUN FACILITY

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

ARTEMIS GOLD CLOSES $385 MILLION PROJECT LOAN FINANCING AND $40 MILLION STANDBY COST OVERRUN FACILITY

 

 

 

 

 

Artemis Gold Inc. (TSX-V: ARTG) is pleased to announce that on February 28, 2023 it executed  definitive documents for a syndicated project facility with National Bank of Canada, Macquarie Bank Limited, ING Capital LLC, Société Générale and Bank of Montreal in respect of its previously announced $385 million Project Loan Facility to fund a significant component of the estimated construction costs of the Company’s Blackwater Gold Project  in central British Columbia.  The PLF also provides for a $40 million standby cost overrun facility.

 

The terms of the PLF are substantially consistent with those announced in the Company’s news release dated February 24, 2022 and include the following:

  • Facility Amount – $360 million, plus up to $25 million for capitalized interest prior to Project completion, plus a $40 million Standby COF. The Company may cancel the Standby COF once Project development reaches completion.
  • Interest Rate – Canadian Dealer Offered Rate, plus a margin of 4.75% pre-project completion, reducing to 4.25% post-completion. Any amounts drawn on the Standby COF will carry the above pricing plus an additional 2%.
  • Fees – Customary Upfront and standby fees for a facility of this nature.
  • Repayment and Maturity – Principal and capitalized interest will be repayable in quarterly installments over six years, commencing in the third quarter following commercial production, with reduced repayments during the period when the Company expects to undertake its expansion of the Project from phase 1 to phase 2. The PLF can be prepaid at anytime without penalty.
  • Hedging – A hedging program is expected to be put in place prior to utilization of the PLF. In order to limit the Company’s exposure to lower gold prices early in the mine life including during pay-back and in support of overall project economics, the extent of the hedge program may range from 185,000 gold ounces to 300,000 gold ounces.

 

Utilizing the PLF is subject to the satisfaction of certain customary conditions precedent. The PLF is secured through guarantees and a first ranking charge on all assets of the Company and each of its material subsidiaries.

 

Steven Dean, Chairman and CEO commented, “Execution of the definitive documents for the PLF is yet another major milestone on the development path for Blackwater. The calibre of the syndicate banks who have joined the leads National Bank and Macquarie is further testimony to the financial strength of the Project.”

 

Posted March 1, 2023

Share this news article

MORE or "UNCATEGORIZED"


First Phosphate and Lithium Australia Sign MOU for Joint Development of an LFP / LFMP Pilot and Commercial Plant

First Phosphate Corp. (CSE: PHOS) (OTC: FRSPF) (FSE: KD0) is plea... READ MORE

December 6, 2023

New Found Intercepts 43 g/t Au Over 11.6m at Keats West

New Found Gold Corp.  (TSX-V: NFG) (NYSE-A: NFGC) is pleased to ... READ MORE

December 6, 2023

Northisle Makes New Discovery of Near Surface Copper-Gold Porphyry With Multiple Intercepts at West Goodspeed

Highlights: Drilling at the new West Goodspeed target has inter... READ MORE

December 6, 2023

Rob McEwen Increasing Ownership In Goliath Resources Limited To 5% And Crescat Capital To Maintain Its 18.4% Ownership

Goliath Resources Limited (TSX-V: GOT) (OTCQB: GOTRF) (FSE: B4IF)... READ MORE

December 6, 2023

enCore Energy Enters US$70 Million Transaction with Boss Energy; Proceeds to Accelerate Company-Wide Uranium Production Plans

enCore Energy Corp. (NYSE American: EU) (TSXV: EU) is pleased to... READ MORE

December 6, 2023

Copyright 2023 The Prospector News