Artemis Gold Inc. has executed a syndicated project facility with the National Bank of Canada, Macquarie Bank Ltd., ING Capital LLC, Société Générale and Bank of Montreal (BMO) in respect of its previously announced C$385 million Project Loan Facility (PLF), which would fund a significant component of the estimated construction costs of the company’s Blackwater gold project in central British Columbia. The PLF also provides for C$40 million standby cost overrun facility.
“Execution of the definitive documents for the PLF is yet another major milestone on the development path for Blackwater,” Artemis Chairman and CEO Steven Dean said. “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.”
Use of the PLF is subject to the satisfaction of certain customary conditions precedent. It is secured through guarantees and a first-ranking charge on all assets of the company and each of its material subsidiaries.