Editor’s Note: With so much market volatility, keep up with the daily news! In just a few minutes, get caught up in our quick recap of today’s most important news and expert insights. Sign up here!
(Kitco News) – Sabina Gold & Silver (TSX: SBB) announced yesterday that it has reached an agreement with a syndicate led by BMO Capital Markets to raise approximately C$110 million.
According to the Company’s statement, pursuant to the agreement, the underwriters have agreed to purchase 71,000,000 common shares at a price of $1.55 per common share for gross proceeds of approximately $110 million.
The Company announced that the net proceeds from the sale of the common shares will be used for construction of the Goose Gold Mine in Nunavut, working capital and general corporate purposes.
Sabina Gold & Silver stated that it is an emerging gold mining company that owns 100% of the district-wide, advanced, high-grade Back River gold district in Nunavut, Canada.
Sabina said it recently submitted an updated feasibility study on its first mine in the district, the Goose mine, presenting a project that will produce ~223,000 ounces of gold per year for ~15 years with an after-tax payback of 2.3 years becomes IRR of ~28% and NPV5% of C$1.1B.
Importantly, the Company noted that the project received its final major permit on June 25, 2020 and all major permits and permits for construction and operations are now in place.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of the author Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. It is not an invitation to exchange goods, securities or other financial instruments. Kitco Metals Inc. and the author of this article assume no responsibility for any loss and/or damage resulting from the use of this publication.
Comments are closed.