Artemis pins its hopes on the silver screen
PERTH (miningweekly.com) – In an effort to circumvent the current low commodity prices, junior Artemis Resources is turning to the silver screen to create shareholder value.
The ASX-listed company on Thursday announced that it had signed a binding term sheet with independent film producer Go2Sho to finance a film written and starring actors attached to the Call of Duty video game franchise.
The film, dubbed Tango Down, would be released in mid-2017.
“We are focused on trying to deliver value for Artemis shareholders. The opportunity presented by Tango Down aligns with our commitment to boost shareholder returns,” said Artemis MD Ed Mead.
“Concurrently with this project, we will continue to maintain our focus on our prospective gold and base metals projects in the West Pilbara region of Western Australia.”
Under the terms of the transaction, Artemis would invest up to $8-million into the film, with the amount to be repaid from film proceeds and other associated revenue streams, as well as an additional 20% preferential return. Further, Artemis would own a 20% equity in the special purpose vehicle (SPV) that would own the rights to the film.
On execution of a term sheet, Artemis would issue an initial 100-million shares to Go2Sho, and would then have 15 to 20 business days to conduct a due diligence and secure an underwriter.
Once this has been completed, the explorer would issue a further 200-million shares to Go2Sho, with the company having a further 43 business days to satisfy conditions to the $7.7-million investment.
Subject to shareholder approval and the company complying with ASX listing rules, Artemis would have the right to invest the funds into a SPV in return for a 20% equity interest.
The initial 300-million share issue would be made under the company’s placement capacity, and would not require shareholder approval.
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