13 June 2022
June 13, 2022
VANCOUVER, British Columbia, June 13, 2022 – Sabina Gold & Silver Corp. (SBB.T/SGSVF.OTCQX), (“Sabina” or the “Company”) reports today that it has completed the previously announced Private Placement with Zhaojin International Mining Co., Ltd., (“Zhaojin”) in relation to the previously closed C$127 million Bought Deal Offering.
Zhaojin elected to participate in the bought deal offering which closed earlier in March this year. With receipt of TSX and shareholder approval, the Company issued 7,797,813 common shares of the Company at $1.55 per share for gross proceeds of approximately C$12 million.
In Addition, Leo Zhao will be resigning from Sabina’s board of directors. Mr. Jianzhuo Xu will replace Mr. Zhao as Zhaojin’s nominee.
Mr. Xu is the Chief Investment Officer of Zhaojin Mining Industry Co., a gold producer listed on the Hong Kong Stock Exchange. He has more than 15 years of experience in global capital markets and mining investments. He is also the founding partner of Marshall Precious Metals Fund focused on early-stage junior mining investments and is an alternate director of the World Gold Council. Previously, Mr. Xu served as a director in the global metals and mining team at UBS Investment Bank and as Head of Mining Investments in the Can-China Global Resource Fund. Mr. Xu holds a Bachelor of Science in Economics with first-class honours from The London School of Economics.
“We are very happy to have Mr. Xu join the board as Zhaojin’s nominee,” said Bruce McLeod, President & CEO. “Zhaojin continues to be a supportive shareholder and we are happy to benefit from their mining expertise and advice. We also thank Mr. Zhao for his contributions over the years and wish him well in his next endeavours.”
See full news release here.