RE:What Will It Take?13,8M$ would do it ;-)
More seriously, nice to see our neighboor increasing the # of rigs...
Seabridge Gold closes $13.8-million bought deal
2014-07-22 08:52 ET - News Release
Mr. Rudi Fronk reports
SEABRIDGE GOLD CLOSES $13.8 MILLION FLOW-THROUGH FINANCING
Seabridge Gold Inc. has closed its previously announced $13.8-million bought-deal financing consisting of 1.15 million flow-through common shares at a price of $12.00 per flow-through common share (a 23.5-per-cent premium to the closing price on the Toronto Stock Exchange the day the financing was announced). Gross proceeds include exercise of the 15-per-cent overallotment greenshoe. The financing was arranged by a syndicate of underwriters, led by Canaccord Genuity Corp., and including National Bank Financial Inc., Canaccord Genuity Corp., and Cowen and Company LLC, acted as financial advisers to the company on this transaction.
The gross proceeds from the offering will be used to finance an increased exploration program at the company's 100-per-cent-owned KSM project in northwestern British Columbia.
Seabridge chairman and chief executive officer Rudi Fronk noted: "This financing enables us to commit the necessary resources for an expanded 2014 program at KSM. We have been refining the targeting data obtained from the geophysical surveys completed this spring. This work has helped us to establish additional high-priority opportunities that we would like to test this year if possible. This financing will enable us to increase the number of rigs in the program.
"As with all our exploration spending, we expect to generate additional gold and copper resources which will more than offset the share dilution involved. Growing gold ownership per share continues to be a key objective for Seabridge."
The offering was made by way of private placement in Canada and the shares are subject to a four-month hold period expiring on Nov. 23, 2014.
We seek Safe Harbor.
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