Toronto (pcJ News Briefs) – Seabridge Gold Inc. (TSX: SEA; NYSE: SA) has engaged Canaccord Genuity Corp. and Cantor Fitzgerald Canada Corporation for a bought deal of one million common shares at $14.30 per share and private placement of one million flow-through (FT) common shares at $20.00 per FT share for aggregate gross proceeds of $34,300,000.
Seabridge intends to use the net proceeds from the common share offering to continue to advance the company’s KSM and Iskut Projects and for general corporate purposes. Gross proceeds from the FT share offering will be used to fund the 2017 exploration program at its KSM and Iskut projects.
“This year’s exploration program includes drilling some of the most exciting targets in our history. We also aim to continue to improve the prospective economics of our KSM Project. Increasing gold ownership per share remains an important objective for Seabridge. As in previous years, we are confident that this year’s programs should add more than sufficient resource ounces of gold to offset the share issuances announced today,” commented Seabridge Chairman and CEO Rudi Fronk.
The offering is expected to close on or about April 27, 2017.
Seabridge Gold holds a 100% interest in several North American gold resource projects. The company’s principal assets are the KSM and Snip Gold properties located near Stewart, British Columbia and Courageous Lake gold project located in Northwest Territories.
photo credit: Seabridge Gold