Gold miner ArtemisResources Ltd. has decided to finance a Hollywood film, Tango Down, with an investment of up to US$8million, it said March 31. The move is "aimed at providing value to shareholdersat a time of prolonged difficulty in the resource sector."
Under the agreement with independent production company Go2ShoInc., the company will receive a 20% preferential return in additional to receivingthe original investment.
The company will also hold a 20% equity stake in the specialpurpose vehicle, which will own the rights to the film.
Tango Down, expectedto be released in mid-2017, is aimed at the worldwide fan base of action/militarygenre films and entertainment products.
Artemis Managing Director Ed Mead said in a statement: "Concurrentlywith this project, we will continue to maintain our focus on our prospective goldand base metals projects in the West Pilbara region of Western Australia."
In connection with the film deal, the company will seek to raiseUS$2 million to be used for general working capital and further exploration.