Sabina Gold & Silver Corp. (TSX:SBB) (OTCQX:SGSVF), reports that it has completed the previously announced Private Placement with Zhaojin International Mining Co., Ltd., in relation to the previously closed C$127 million Bought Deal Offering.
Zhaojin elected to participate in the bought deal offering which closed earlier in March this year. With receipt of TSX and shareholder approval, the Company issued 7,797,813 common shares of the Company at $1.55 per share for gross proceeds of approximately C$12 million.
In Addition, Leo Zhao will be resigning from Sabina’s board of directors. Mr. Jianzhuo Xu will replace Mr. Zhao as Zhaojin’s nominee.
Mr. Xu is the Chief Investment Officer of Zhaojin Mining Industry Co., a gold producer listed on the Hong Kong Stock Exchange. He has more than 15 years of experience in global capital markets and mining investments. He is also the founding partner of Marshall Precious Metals Fund focused on early-stage junior mining investments and is an alternate director of the World Gold Council. Previously, Mr. Xu served as a director in the global metals and mining team at UBS Investment Bank and as Head of Mining Investments in the Can-China Global Resource Fund. Mr. Xu holds a Bachelor of Science in Economics with first-class honours from The London School of Economics.
“We are very happy to have Mr. Xu join the board as Zhaojin’s nominee,” said Bruce McLeod, President & CEO. “Zhaojin continues to be a supportive shareholder and we are happy to benefit from their mining expertise and advice. We also thank Mr. Zhao for his contributions over the years and wish him well in his next endeavours.”
About Sabina Gold & Silver
Sabina Gold & Silver Corp. is an emerging gold mining company that owns 100% of the district scale, advanced, high grade Back River Gold District in Nunavut, Canada.
Sabina filed an Updated Feasibility Study (the “UFS”) on its first mine on the district, the Goose Mine, which presents a project that will produce ~223,000 ounces of gold a year (first five years average of 287,000 ounces a year with peak production of 312,000 ounces in year three) for ~15 years with a rapid payback of 2.3 years, with a post-tax IRR of ~28% and NPV5% of C$1.1B at a gold price of $1,600 USD. See “National Instrument (NI) 43-101 Technical Report – 2021 Updated Feasibility Study for the Goose Project at the Back River Gold District, Nunavut, Canada” dated March 3, 2021.
The Project has received all major permits and authorizations for construction and operations.
The Company has arranged a comprehensive project financing package comprised of:
The Company is also very committed to its Inuit stakeholders, with Inuit employment and opportunities a focus. The Company has signed a 20-year renewable land use agreement with the Kitikmeot Inuit Association and has committed to various sustainability initiatives under the agreement.
The Company continues to advance exploration and project optimization, including advancing the planned plant expansion to 4,000 tpd from Year two to initial startup.
All news releases and further information can be found on the Company’s website at www.sabinagoldsilver.com or on SEDAR at www.sedar.com. All technical reports have been filed on www.sedar.com
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We acknowledge the [financial] support of the Government of Canada.