Seabridge Gold has secured a C$17 million private placement from a single purchaser. The purchaser took up one million shares at a price of C$17.02 per share. The purchaser has also been granted an option to increase the placement by an additional 200,000 common shares.
Seabridge intends to use the proceeds to fund general working capital requirements.
The company’s principal assets are the KSM and Iskut gold-copper projects near Stewart, BC, and the Courageous Lake gold property in NWT.
Proven and probable reserves have been outlined at KSM. The category contains 38.8 million oz. of gold and 10.2 billion lb. of copper in 2.2 billion tonnes grading 0.55 g/t gold and 0.21% copper.
Courageous Lake contains another 6.5 million oz. of gold in proven and probable reserves, or 91.0 million tonnes at 2.2 g/t gold. Both the federal and provincial governments have approved the environmental submissions for KSM.
(This article first appeared in the Canadian Mining Journal)