Mr. Steven Dean reports

ARTEMIS ANNOUNCES UPSIZE TO C$175 MILLION ON THE PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT OF SUBSCRIPTION RECEIPTS

Artemis Gold Inc. has entered into an agreement with a syndicate of underwriters co-led by Canaccord Genuity Corp. and BMO Capital Markets in connection with a bought deal private placement financing of an aggregate of 38.9 million subscription receipts of the company. The company is also undertaking a non-brokered private placement of subscription receipts to insiders of the company and to a president's list on the same terms as the bought deal offering.

The subscription receipts will be issued at a price of $2.70 per subscription receipt for aggregate gross proceeds from the bought deal offering of $105.03-million. The company expects to raise gross proceeds of up to $70-million pursuant to the non-brokered offering.

The proceeds from the issue and sale of approximately $175-million of subscription receipts will be used by the company to finance its acquisition of the Blackwater gold project in British Columbia from New Gold Inc. with an initial payment of $140-million and for general corporate purposes. Further details regarding the transaction can be found in the company's news release dated June 9, 2020. At the time the transaction closes, each subscription receipt will be exchanged for one common share of the company.

The bought deal offering and non-brokered offering are expected to close on or about July 7, 2020, and are each subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. The participation by certain insiders of the company in the non-brokered offering is also subject to approval by the disinterested shareholders of the company. The closing of the bought deal offering is not conditional on the closing of the non-brokered offering and the closing of the non-brokered offering is not conditional on the closing of the bought deal offering.

The subscription receipts to be issued under the offering and the common shares of the company exchanged for the subscription receipts upon the closing of the transaction will be subject to a hold period in Canada expiring four months and one day from the closing date of the offering.

Closing of the transaction is subject to the satisfaction of customary closing conditions for a transaction of such nature, including obtaining certain regulatory approvals and the approval of the TSX-V.

We seek Safe Harbor.