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Seabridge Gold Closes $19.7 Million Private Placement of Flow-Through Shares

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Seabridge Gold Closes $19.7 Million Private Placement of Flow-Through Shares

 

 

 

 

 

Seabridge Gold Inc. (TSX:SEA) (NYSE:SA) announced today that it has closed its previously announced non-brokered flow-through financing, including the full amount of the over-allotment option, for aggregate gross proceeds of $19,734,000. A total of 1,150,000 flow-through common shares of the Company, including those pursuant to the exercise of the over-allotment option, were issued and sold at a price of $17.16 per flow-through common share (a 27.1% premium to the closing price on the TSX the day the flow-through financing was announced). The proceeds from the financing will be used to fund a 2018 exploration program at the Company’s KSM project in Northwestern British Columbia, Canada.

 

 

Seabridge Chairman and CEO Rudi Fronk noted that: “This year’s exploration program at KSM will follow up on the tremendous success we achieved last year at KSM’s Iron Cap deposit where inferred gold resources increased by 302% to 20.0 million ounces and inferred copper resources increased by 379% to 8.6 billion pounds. As in previous years, we are confident that this year’s program should add sufficient resource ounces of gold to more than offset the share issuances from this financing. Increasing gold ownership per share remains an important objective for Seabridge.” See news release dated February 13, 2018 for details of the current inferred resource estimate for Iron Cap (1.3 billion tonnes at 0.48 g/t gold and 0.30% copper).

 

 

The flow-through financing was made by way of private placement in Canada and the issued shares will be subject to a four month hold period expiring on September 5, 2018. There were no commissions payable on this financing.

 

 

Seabridge Gold holds a 100% interest in several North American gold resource projects. The Company’s principal assets are the KSM and Iskut properties located near Stewart, British Columbia, Canada and the Courageous Lake gold project located in Canada’s Northwest Territories.

Posted May 4, 2018

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