Canadian gold miner secures US$129M

Photo: Artemis Gold

Canada’s Artemis Gold has announced it en-tered into an agreement with a syndicate of financial institutions un-der which it secures some C$156 million (US$129 million) for its shares.


“The net proceeds of the Offering will be used 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.,” the miner said in a statement, referring to last year’s deal under which New Gold divested from its shares in the Blackwater gold project in British Columbia, Canada.


The newly acquired funds will also be used for other purposes, in-cluding “fund permitting and development costs for the company’s Blackwater gold project and for general corporate purposes,” Artemis Gold said.


The miner says its two core producing assets in Canada include the Rainy River and New Afton mines.