Le Lézard
Classified in: Mining industry, Business
Subject: FINANCING AGREEMENTS

Sabina Gold & Silver Announces Non-Brokered Private Placement Flow Through Financing to Raise $6 Million


VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 28, 2017) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Sabina Gold & Silver Corp (the "Company") (TSX:SBB) is pleased to announce that it has arranged a non-brokered private placement (the "Financing') pursuant to which it will sell up to 2,105,265 flow through common shares (the "Flow-Through Common Shares") at a price of $2.85 per share to raise gross proceeds of approximately $6 million. The proceeds from the sale of the Flow-Through Common Shares will be used for exploration on the Company's Back River project.

"Given the opportunities presented at the Umwelt Vault Zone, further drilling is warranted, and this financing will enable us to continue to evaluate the potential of the zone as well as other high priority targets," said Bruce McLeod, President & CEO. "In addition, this financing will also enable us to fund programs at the Goose project in 2018, should further work be warranted. The 2017 summer drilling program is set to start at the beginning of August."

The Financing is scheduled to close in two tranches, one on August 15, 2017 and the second on or about September 10, 2017 is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange. The total gross proceeds from the Financing must be used to incur Canadian exploration expenditures as defined by the Income Tax Act (Canada) by December 31, 2018.

SABINA GOLD & SILVER CORP.

Sabina Gold & Silver Corp. is a well-financed, emerging precious metals company with district scale, world class undeveloped assets in one of the world's newest, politically stable mining jurisdictions: Nunavut, Canada.

In September, 2015, Sabina released a Feasibility Study on its 100% owned Back River Gold Project which presents a project that has been designed on a fit-for purpose basis, with the potential to produce ~200,000 ounces a year for ~11 years with a rapid payback of 2.9 years. At a US$1,150 gold price and a 0.80 exchange rate, the Study delivers a potential after tax internal rate of return of approximately 24.2% with an initial CAPEX of $415 million.

The Project is advancing through the environmental assessment process with a positive recommendation to proceed from the Nunavut Impact Review Board on July 18, 2017. The recommendation is currently with the Minister of Indigenous and Northern Affairs for review.

In addition to Back River, Sabina also owns a significant silver royalty on Glencore's Hackett River Project. The silver royalty on Hackett River's silver production is comprised of 22.5% of the first 190 million ounces produced and 12.5% of all silver produced thereafter.

The Company had cash and equivalents of C$43m at March 31, 2017.

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

This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.


These press releases may also interest you

at 07:29
In a strategic move to address the growing talent shortage in the global construction equipment industry, XCMG Machinery (SHE:000425, "XCMG") has launched an extensive cross-training program for its employees from XCMG Global Business Headquarters....

at 06:30
The Actuators market is estimated at USD 67.7 billion in 2024 and is projected to reach USD 94.8 billion by 2029, at a CAGR of 7.0 % from 2024 to 2029 according to a new report by MarketsandMarketstm. The growth can be attributed to growing...

28 mar 2024
Discovery Silver Corp. ("Discovery" or the "Company") today announced financial results for the three and twelve months ended December 31, 2023 ("Q4 2023" and "2023", respectively). The Company also provided a summary of key events since the...

28 mar 2024
Osisko Development Corp. ("Osisko Development" or the "Company") reports its financial and operating results for the three and twelve months ended December 31, 2023 ("Q4 2023"). Q4 2023 HIGHLIGHTS Operating, Financial and Corporate Updates: 2,090...

28 mar 2024
Kootenay Silver Inc. ("Kootenay" or the "Company") is pleased to announce that it has obtained a receipt for a final short form base shelf prospectus with the securities regulators in each province and territory of Canada....

28 mar 2024
Robex Resources Inc. ("Robex" or the "Company") announces today that its Board of Directors has approved the implementation of the consolidation of the issued and outstanding common shares of the Company approved by its shareholders on June 29,...



News published on and distributed by: