Sabina Gold & Silver Corp. (TSX:SBB) announced today the completion of the previously announced non-brokered private placement. The placement was comprised of 14,689,295 Flow-through Common Shares at $1.40 per share for gross proceeds of $20,565,013.
“We are happy to have this boost of funds to our treasury,” said Rob Pease, President & CEO “We believe that the work we are doing at Back River continues to de-risk and add value to the project and that the use of flow-through funds to facilitate this work is more effective use of capital allowing for greater capital allocation flexibility for our treasury. We are also pleased that we were able to complete this financing with no broker’s commission or warrants and at a solid premium. We look forward to reporting the results of this year’s program through the coming months and the completion of our Pre-Feasibility Study in the third quarter of this year.”
The total gross proceeds must be used to incur Canadian exploration expenditures as defined by the Income Tax Act (Canada) by December 31, 2014.
SABINA GOLD & SILVER CORP.
Sabina Gold & Silver Corp. is an emerging gold developer with district scale, world class assets in one of the world’s newest, most politically stable mining jurisdictions: Nunavut, Canada. Sabina’s primary assets, all located in Nunavut, consist of: the Back River Gold Project, currently in the pre-feasibility and permitting phase; the Wishbone Claims, a vastly prospective grass roots project; and the Hackett River Silver Royalty, a silver production royalty on Xstrata Zinc’s Hackett River project comprising 22.5% of the first 190 million ounces produced and 12.5% of all the silver produced thereafter.
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