Artemis Gold draws C$150 million under project loan facility

By Marisa Wong

Los Angeles, Dec. 15 – Artemis Gold Inc. announced it has completed its first draw of C$150 million under its C$360 million project loan facility announced on March 1, 2023.

Construction of the company’s Blackwater Mine remains on track, and, having met all conditions for the draw, these funds will be allocated to continuing construction towards completion, according to a press release.

As previously reported, the C$385 million syndicated project loan financing breaks down into the C$360 million plus up to C$25 million for capitalized interest before the project is completed.

Interest is at CDOR plus 475 basis points before the project is completed. There will be a 50-bps step-down once the project is completed.

The syndicate includes National Bank of Canada, Macquarie Bank Ltd., ING Capital LLC, Societe Generale and Bank of Montreal.

The gold producer is based in Vancouver, B.C.

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