11:49:51 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Artemis Gold Inc
Symbol ARTG
Shares Issued 50,192,049
Close 2020-08-11 C$ 4.65
Market Cap C$ 233,393,028
Recent Sedar Documents

Artemis holders approve subscription receipt financing

2020-08-11 18:27 ET - News Release

Mr. Steven Dean reports

ARTEMIS ANNOUNCES SHAREHOLDER APPROVAL FOR PRIVATE PLACEMENT OF SUBSCRIPTION RECEIPTS TO RELATED PARTIES

The disinterested shareholders of Artemis Gold Inc. have approved the non-brokered private placement of 23,095,600 subscription receipts of the company to certain insiders of the company and their joint actors at the company's special meeting of shareholders held earlier today.

Voting results

Insider participation by certain insiders of the company and their joint actors in the related party offering was approved by 99.8 per cent of the votes cast by disinterested shareholders.

Votes for    % for  Votes against   % against

14,841,790   99.8%         25,860        0.2%     

The disinterested shareholder approval was obtained in connection with the company's previously announced bought deal private placement and non-brokered private placement, which includes the related party offering, of an aggregate of 64,825,925 subscription receipts at a price of $2.70 per subscription receipt. Each subscription receipt entitles the holder to receive one common share in the capital of the company for no additional consideration upon satisfaction of the escrow release conditions to the offerings, including, but not limited to, receipt of the disinterested shareholder approval with respect to the related party offering. The shares issuable in exchange for the subscription receipts are subject to a four-month statutory hold period expiring Nov. 8, 2020. Further details regarding the offerings can be found in the company's news release dated July 7, 2020.

The proceeds from the offerings will be used by the company to finance the initial payment of $140-million required for the company's acquisition of the Blackwater gold project in British Columbia from New Gold Inc. and for general corporate purposes. The closing of the transaction is subject to the satisfaction of customary closing conditions for a transaction of such nature. Both the company and New Gold continue to progress well in respect of such closing conditions and anticipate the closing of the transaction to occur later this month. Further details regarding the transaction can be found in the company's news release dated June 9, 2020.

The TSX Venture Exchange has conditionally approved the offerings and the listing of the shares issuable in exchange for the subscription receipts, subject to certain conditions. Upon closing of the transaction and assuming no conversion of convertible securities from the time of this news release to the closing of the transaction, the company expects to have a total of 122,480,381 shares issued and outstanding.

We seek Safe Harbor.

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