{"id":1203357,"date":"2020-08-24T11:45:20","date_gmt":"2020-08-24T16:45:20","guid":{"rendered":"https:\/\/www.mining.com\/?p=1033579"},"modified":"2020-08-24T11:45:20","modified_gmt":"2020-08-24T16:45:20","slug":"artemis-completes-blackwater-project-purchase","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1203357","title":{"rendered":"Artemis completes Blackwater project purchase"},"content":{"rendered":"

Artemis Gold (TSXV: ARTG) has completed its previously announced acquisition<\/a> of the Blackwater project in central British Columbia from fellow Canadian miner New Gold (TSX: NGD).<\/p>\n

The total purchase price comprises an initial payment of C$140 million, the issuance of approximately 7.4 million common shares in the capital of Artemis at a deemed price of C$2.70 per share, and a second cash payment of C$50 million to be paid one year following closing.<\/p>\n

The initial payment was funded through the subscription receipt financings announced earlier in June<\/a>, under which Artemis issued an aggregate of 64.82 million subscription receipts priced at C$2.70 each for total proceeds of approximately C$175 million.<\/p>\n

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Blackwater holds estimated resources of 1.4 moz Au and 8.9 moz Ag in the measured and indicated category<\/p>\n<\/blockquote>\n<\/figure>\n

The Blackwater project, located 160 km southwest of Prince George, BC, is a proposed open-pit mine that would produce 60,000 tonnes gold and silver ore per day over a mine life of 17 years.<\/p>\n

Artemis has also entered a gold stream agreement with New Gold, whereby the latter will purchase 8% of the refined gold produced from the Blackwater project. Once 279,908 ounces of refined gold have been delivered to New Gold, the gold stream will reduce to 4%.<\/p>\n

New Gold will make payments for the gold purchased equal to 35% of the US dollar gold price quoted by the London Bullion Market Association two days prior to delivery.<\/p>\n

Should the Blackwater project fail to achieve commercial production by the seventh, eighth or ninth anniversary of closing, New Gold is entitled to receive additional cash payments of C$28 million on each of those dates.<\/p>\n

Shares of Artemis Gold surged 5.6% by 12:30 p.m. EDT Monday. The Vancouver-based miner has a market capitalization of C$172.4 million.<\/p>\n","protected":false},"excerpt":{"rendered":"

The proposed mine has estimated resources of 1.4 moz gold and 8.9 moz silver.<\/p>\n","protected":false},"author":92,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[949,369,4],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1203357"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/92"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1203357"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1203357\/revisions"}],"predecessor-version":[{"id":1203397,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1203357\/revisions\/1203397"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1203357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1203357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1203357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}