27 March 2020
Seabridge Gold announced today that it has filed its Audited Consolidated Financial Statements and its Management's Discussion and Analysis for the year ended December 31, 2019 on SEDAR (www.sedar.com) and are available on the Company’s website at www.seabridgegold.net. Seabridge’s Form 40-F will be filed with the SEC on EDGAR (www.sec.gov/). The Company’s Shareholders may, upon request, receive a hard copy of the Company's complete 2019 audited consolidated financial statements free of charge. To review these documents on the Company’s website, please see http://www.seabridgegold.net/sharefinrep.php.
In 2019 Seabridge posted a net loss of $11.6 million ($0.19 per share) compared to a loss of $19.9 million ($0.34 per share) in 2018. During 2019, Seabridge invested $30 million in mineral interests, primarily at KSM, compared to $37 million during 2018. The Company’s working capital position at December 31, 2019, was $12.5 million, down from $18 million at December 31, 2018.
Subsequent to year-end, Seabridge issued 382,807 common shares under its At-The-Market offering program (“ATM) at an average price of $17.96 for net proceeds of $6.7 million. As previously reported, in Q4 2019 Seabridge entered into an agreement with two securities dealers for an ATM, entitling the Company, at its discretion, and from time to time, to sell up to US$40 million in value of common shares of the Company. The program came into effect in December 2019 and is effective until the Company’s Shelf Registration Statement expires in June 2021.