New Gold Announces Closing of Previously Announced Sale of the Blackwater Project to Artemis Gold
- Total cash consideration of $190 million comprised of an initial cash payment of $140 million and $50 million in cash payable on August 21, 2021;
- A gold stream on 8% of gold produced from the Blackwater Project, reducing to 4% of gold production once approximately 280,000 ounces of gold have been delivered to New Gold. The stream is subject to a transfer price equal to 35% of the spot gold price;
- 7,407,407 Artemis common shares having a current aggregate value of $34.4 million based on the closing price of the Artemis common shares on the TSX Venture Exchange on August 21, 2020.
Source: https://www.newgold.com/2020/Denver-Gold-Forum/default.aspx
As an integral part of New Gold’s Project Procurement team, the Project Buyer will provide support to the Capital Projects group.
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