Sabina Gold & Silver closes flow through financing to raise $5.2 million
4 April 2019
Sabina Gold & Silver Corp is pleased to announce that it has completed the previously announced non-brokered private placement (the “Financing’) of 3,361,907 million flow through common shares (the “Flow-Through Common Shares”) at a price of $1.55 per share to raise gross proceeds of $5,210,955.85. The proceeds from the sale of the Flow-Through Common Shares will be used for exploration on the Company’s Back River project.
The total gross proceeds from the Flow-Through Common Shares must be used to incur Canadian exploration expenditures as defined by the Income Tax Act (Canada) by December 31, 2020.
“We are very pleased to have completed this modest financing,” said Bruce McLeod, President & CEO “while the equity markets are not conducive to financing a mine build on favourable terms at this time, we are fortunate that flow-through funding to continue exploration is available. Flow-through enables us to fund exploration by selling shares at a premium to market rather than using our existing treasury. We are looking forward to getting the drills turning again at Back River.”