Nunavut is set to see a third operating gold mine in 2025 with Sabina Gold and Silver Corp.'s recent decision to move ahead on building its Goose gold mine in western Nunavut.
Sabina raises $35M in bought deal
‘The Connector’ ice road, completed in 2019, at Sabina Gold & Silver s Back River gold project in Nunavut. Credit: Sabina Gold & Silver.
Developer
Sabina Gold & Silver (TSX: SBB) has announced a $35-million bought deal financing led by BMO Capital Markets. The underwriters have agreed to purchase 18 million common shares of the company at a price of $1.95 per share; the underwriters also have the option to purchase up to an additional 15% of the shares issued for 30 days following closing.
The deal is expected to close around March 16.
Based on a 2017 agreement between Sabina and publicly traded
Zhaojin International Mining, Zhaojin has chosen to exercise its participation right to maintain a 9.9% stake in Sabina through the purchase of 2.4 million shares (assuming full exercise of the over-allotment option). In addition, the China-based company may subscribe for up to 18.7 million shares in the offering as this number represents its 33%