- Sabina Gold & Silver (SBB) has secured a fully subscribed non-brokered private placement for up to C$13.75 million
- The company will use the proceeds to advance the Umwelt underground exploration decline
- It is also developing its Back River Project, which is projected to produce ~223,000 ounces Au per year for ~15 years with an NPV of $1.1 billion
- Sabina Gold & Silver develops district scale, advanced and high-grade gold assets in Nunavut
- Sabina Gold & Silver (SBB) closed up by 0.66 per cent trading at $1.53 per share
Sabina Gold & Silver (SBB) has secured a fully subscribed non-brokered private placement for up to C$13.75 million.
The company will offer 7.3 million flow-through common shares priced at $1.87 per share.
Bruce McLeod, Sabina’s President and CEO, stated,
“The proceeds from the sale of the flow-through common shares will be used primarily for the continued advancement of the Umwelt underground exploration decline.
This financing enables the company to continue funding exploration initiatives while preserving hard dollars for continued development activities on the Back River Project.”
Sabina’s recently updated feasibility study on Back River presents a project that will produce ~223,000 ounces Au per year for ~15 years with a 2.3-year payback and an NPV of $1.1 billion.
Total gross financing proceeds must be used to incur Canadian exploration expenditures – as defined by the Income Tax Act of Canada – by December 31, 2022.
The company has provided a financing notice to Zhaojin International Mining with respect to its participation right.
The financing is scheduled to close on or about September 30, 2021.
Sabina Gold & Silver develops district scale, advanced and high-grade gold assets in Nunavut.
Sabina Gold & Silver (SBB) closed up by 0.66 per cent trading at $1.53 per share.