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(Kitco News) – Sabina Gold & Silver (TSX: SBB) announced yesterday that it has entered into an agreement with a syndicate of underwriters, led by BMO Capital Markets to raise approximately C $ 110 million.
According to the company, according to the agreement, the subscribers agreed on a purchase deal basis to buy 71,000,000 common shares at a price of C $ 1.55 per common share for gross income of approximately C $ 110 million.
The company said the net proceeds from the sale of common shares will be used for the construction of the Goose Goldmine in Nunavut and for working capital for general corporate purposes.
Sabina Gold & Silver has announced that it is an emerging gold mining company that owns 100% of the district-scale, advanced, high-quality Back River Gold District in Nunavut, Canada.
Sabina said it had recently released an updated feasibility study on its first mine in the district, the Goose Mine, which presents a project that will produce ~ 223,000 ounces of gold a year for ~ 15 years with a payback of 2.3 years, and Post-Tax. IRR of ~ 28% and NPV5% of C $ 1.1B.
Importantly, the company notes that the project received its last major authorization on June 25, 2020 and now receives all major approvals and authorizations for construction and operations.
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