Wheaton Precious Metals announces acquisition of gold and silver streams on Artemis' Blackwater Project
Date Closed
December 22, 2021
Lead Office
Vancouver
Value
441.00 Million USD
On December 13, 2021, Wheaton Precious Metals ("Wheaton") announced that it has entered into a definitive agreement to acquire the existing gold stream held by New Gold Inc. (the "Gold Stream") in respect of gold production from Artemis Gold Inc’s Blackwater Gold Project located in British Columbia, Canada. In addition, Wheaton has entered into a Precious Metal Purchase Agreement with Artemis Gold Inc. in respect of silver production from the Blackwater Project (the "Silver Stream").
Wheaton will pay total upfront consideration of US$441 million for the precious metal streams. Upon closing of the purchase of the Gold Stream, Wheaton will pay New Gold Inc. US$300 million. Under the Silver Stream, Wheaton will pay Artemis Gold Inc. total upfront cash consideration of approximately US$141 million, which is payable in four equal installments during construction of the Blackwater Project.
Wheaton Precious Metals Corp. is one of the world's largest precious metals streaming companies, based in Vancouver, BC.
McCarthy Tétrault LLP advised Wheaton Precious Metals Corp. with a team led by Roger Taplin and that included Christopher Langdon, Adam Wanke, Patrick Deutscher, Ainslie Hurd, Chris Zawadzki and Jordan Chu (Business Law).
