28 March 2019
Sabina Gold & Silver Corp is pleased to announce that it has arranged a non-brokered private placement pursuant to which it will sell 3,162,419 million flow through common shares at a price of $1.55 per share to raise gross proceeds of $4,901,750. The proceeds from the sale of the Flow-Through Common Shares will be used for exploration on the company’s Back River project.
“This financing enables us to use flow-through dollars for exploration rather than dollars allocated for continued development activities at Back River,” said Bruce McLeod, President & CEO. “This financing will fund an 8,000 meter drill program at Back River this spring to follow up on successes from 2018. Crews are currently mobilizing and camp is opening in preparation for the start of drilling.”
The Financing is scheduled to close on or about April 4, 2019 and 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, 2020.