Sabina Gold & Silver (SBB) has closed the previously announced private placement for gross proceeds of $13,465,576.
The company issued 7,200,822 flow-through common shares at a price of $1.87.
The shares issued are subject to a hold period of four months and one day.
Bruce McLeod, Sabina's President and CEO, stated,
"The proceeds from the sale of the flow-through common shares will be used primarily for the continued advancement of the Umwelt underground exploration decline.
This financing enables the company to continue funding exploration initiatives while preserving hard dollars for continued development activities on the Back River Project."
Zhaojin International Mining Co. elected to maintain its 9.9 per cent holdings in Sabina through a private placement purchase of 892,903 common shares of Sabina Gold for gross proceeds of approximately $1.3 million. The Zhaojin private placement is expected to close on or about October 8, 2021.
Sabina Gold & Silver develops district scale, advanced and high-grade gold assets in Nunavut.
Sabina Gold & Silver Corp. (SBB) is up 0.69 per cent, trading at C$1.46 per share.