The company is also undertaking a non-brokered private placement, whereby up to 9.2 million common shares will be issued to insiders and to a president’s list, at the offering price, for gross proceeds of up to C$56.12 million.
In June 2020, Artemis agreed to acquire New Gold’s Blackwater project, a proposed open-pit mine located 160 km southwest of Prince George, for total consideration of C$190 million.
Artemis plans to initially develop the Blackwater project into a 248,000 oz/y operation, which will cost nearly C$600 million, and then finance two subsequent expansion stages from future operating cashflows.
Overall, Blackwater, which has an estimated 23-year mine life, would require C$1.5 billion in capital investment, making it one of the largest capital investments for the region over the last decade, according to the company.
Shares of Artemis were down 7.1% by noon ET on the TSX Venture Exchange, giving the BC-focused gold miner a market capitalization of C$761.8 million.
