TSX-V-listed Artemis Gold is looking to raise up to C$175-million to fund the permitting and development costs for the Blackwater gold project, in British Columbia.
The company entered into an agreement with National Bank Financial, as sole bookrunner and lead underwriter, together with RBC Capital Markets and Stifel GMP as co-lead underwriters, on behalf of a syndicate of underwriters under which they have agreed to buy on a bought deal basis 19 112 000 common shares at C$4.50 each.
The offering is expected to close on October 14.
Artemis last month started site works at Blackwater, ahead of the start of major works construction activities, which is planned for the first quarter of 2023.
Blackwater is a project with eight-million ounces of gold in reserves, environmental assessment approval and the potential to develop into one of the biggest gold mines in Canada. The Blackwater project is forecast to be a first-quartile gold mine with a 22-year mine life.
The Phase 3 expansion to 20-million tonnes a year is achieved in year 11. In the first 10 years of operations, Blackwater will produce 351 000 oz/y of gold.