/NOT FOR DISTRIBUTION TO
All amounts are in Canadian Dollars unless otherwise noted
Trading Symbol: TSX-V: ARTG
The Initial Payment was funded through the proceeds of the previously announced "bought deal" private placement ("Bought Deal Offering") and non-brokered private placement ("Non-Brokered Offering" and together with the Bought Deal Offering, the "Financings") of an aggregate of 64,825,925 subscription receipts of the Company (the "Subscription Receipts") at a price of
The escrow release conditions for the Financings have been satisfied and the Subscription Receipts have converted into 64,825,925 common shares of Artemis ("Shares"). The Shares issued in exchange for the Subscription Receipts are subject to a four-month statutory hold period expiring
In connection with the Acquisition, Artemis has entered into a gold stream agreement with New Gold whereby New Gold will purchase 8.0% of the refined gold produced from the Project. Once 279,908 ounces of refined gold have been delivered to New Gold, the gold stream will reduce to 4.0%. New Gold will make payments for the gold purchased equal to 35% of the US dollar gold price quoted by the
As required under applicable securities laws, the Company will file an updated technical report with respect to the Project, in accordance with NI 43-101, within 180 days of Closing.
At the time of this news release, the Company has a total of 122,490,381 common shares issued and outstanding and a cash balance of approximately
On behalf of the Board of Directors
"Steven Dean"
Chairman and Chief Executive Officer
Neither the
Cautionary Note Regarding Forward-Looking Information
This news release contains certain "forward looking statements" and certain "forward-looking information" as defined under applicable Canadian and
Forward-looking statements and information are not historical facts and are made as of the date of this news release.,. These forward-looking statements involve numerous risks and uncertainties and actual results may vary. Important factors that may cause actual results to vary include without limitation; the ability of the Company to accomplish its plans and objectives with respect to the Project within the expected timing or at all, including the ability of the Company to improve the economics and financeability and de-risk the Project; the ability of the Company to file a Pre-Feasibility Study for the Project over the next three months; the timing and receipt of certain approvals, changes in commodity and power prices, changes in interest and currency exchange rates, risks inherent in exploration estimates and results, timing and success, inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral reserves and resources), changes in development or mining plans due to changes in logistical, technical or other factors, unanticipated operational difficulties (including failure of plant, equipment or processes to operate in accordance with specifications, cost escalation, unavailability of materials, equipment and third party contractors, delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters), political risk, social unrest, and changes in general economic conditions or conditions in the financial markets. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, the assumptions that: (1) the Company will be able to accomplish its plans and objectives with respect to the Project and Pre-Feasibility Study within the expected timing; (2) market fundamentals will result in sustained mineral demand and prices, (3) the receipt of any necessary approvals and consents in connection with the development of any properties; (4) the availability of financing on suitable terms for the development, construction and continued operation of any mineral properties; and (5) sustained commodity prices such that any properties put into operation remain economically viable. The actual results or performance by the Company could differ materially from those expressed in, or implied by, any forward-looking statements relating to those matters. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of the Company. Except as required by law, the Company is under no obligation, and expressly disclaim any obligation, to update, alter or otherwise revise any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.
SOURCE
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