Artemis Gold Closes $283 Million Financing to Advance Its Blackwater Gold Project, Canada
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Canada-based gold development company Artemis Gold has finalized the C$385 million ($283 million) project loan facility (PLF) for its Blackwater gold project in central British Columbia, Canada.
The syndicated project facility has been secured from Macquarie Bank, National Bank of Canada, ING Capital, Société Générale, and Bank of Montreal with whom Artemis Gold executed definitive documents.
Under the project loan facility, the gold development company will also secure a C$40 million ($29.41 million) standby cost overrun facility. The standby cost might be cancelled by Artemis Gold upon completing the project development.
The execution of the credit-approved commitment letter and term sheet for the loan facility was announced by the company in February 2022.
The utilization of the project loan facility is subject to the satisfaction of certain preceding customary conditions.
According to Artemis Gold, the loan has been secured through guarantees and a first ranking charge on all of the company’s assets and each of its material subsidiaries.
“Execution of the definitive documents for the PLF is yet another major milestone on the development path for Blackwater,” said Artemis Gold Chairman and CEO Steven Dean.
“The caliber of the syndicate banks who have joined the leads National Bank and Macquarie is further testimony to the financial strength of the project,” added Dean.
As per the 2021 feasibility study technical report, the initial development capital estimated for the Blackwater gold project is C$645 million ($474 million).
Located 160km south-west of Prince George and 446km northeast of Vancouver, the Blackwater project is an open-pit gold and silver mine.
The project is estimated to have a gold reserve of eight million ounces and silver reserve of 60 million ounces.
Source: NS Energy
About Artemis Gold
Artemis Gold Inc., a gold development company, focuses on the identification, acquisition, and development of gold properties. The company’s asset portfolio includes a 32.3 percent equity interests in Velocity Minerals Ltd. that focuses on acquiring, exploring, and evaluating mineral resource properties in Bulgaria. It also holds interest in the Blackwater Gold Project located in central British Columbia. Artemis Gold Inc. was incorporated in 2019 and is headquartered in Vancouver, Canada.
To stop by Artemis Gold’s website, CLICK HERE
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