- Sabina Gold & Silver Corp. (SBB) has closed the third tranche of its US$95 million private placement to Orion Mine Finance and Wheaton Precious Metals Corp
- The transaction is in connection with the previously announced Project Financing Package to fund construction and development of the Goose Mine
- In the first tranche, Sabina Gold issued 46,209,769 common shares of the company to Orion and 12,322,605 common shares to Wheaton for gross proceeds of $76.1 million
- In the second tranche, Sabina Gold issued 16,905,354 common shares of the company to Orion and 4,508,094 common shares to Wheaton for gross proceeds of $27.8 million
- In the third and final tranche, Sabina Gold issued 9,617,569 common shares to Orion and 2,564,685 common shares to Wheaton for total net proceeds of about $15.8 million
- Sabina Gold & Silver Corp. was down 7.759 per cent, trading at $1.07 at 3:51 PM ET
Sabina Gold & Silver (SBB) has closed the third tranche of a US$95 million private placement.
The placement is in connection with the previously announced Project Financing Package to fund the construction and development of the Goose Mine at Sabina’s 100-per-cent-owned Back River Project in Nunavut, Canada.
In the first tranche, the company issued 46,209,769 common shares to Orion and 12,322,605 common shares to Wheaton for gross proceeds of $76.1 million.
In the second tranche, the company issued 16,905,354 common shares to Orion and 4,508,094 common shares to Wheaton for gross proceeds of $27.8 million.
To maintain its 9.9 per cent ownership of the company, Zhaojin agreed to purchase 10,122,875 common shares in two separate tranches.
The company issued 8,784,310 common shares to Zhaojin for total gross proceeds of approximately $11.4 million.
Under the third tranche of the financing, the company issued 9,617,569 common shares to Orion and 2,564,685 common shares to Wheaton for approximately $15.8 million.
With the closing of the third tranche and receipt of shareholder approval, the company will also issue 1,338,565 common shares to Zhaojin, for gross proceeds of approximately $1.7 million.
Sabina Gold & Silver Corp. is an emerging gold mining company that owns 100 per cent of the district scale, advanced, high grade Back River Gold District in Nunavut, Canada.
Sabina Gold & Silver Corp. was down 7.759 per cent, trading at $1.07 at 3:51 PM ET.