Business
Seabridge Gold Arranges $12 Million Bought Deal Flow-Through Financing
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S./ ...
About this update from Seabridge Gold Inc
[{"type":"text","content":"\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN\n THE U.S./ \n\n\nTrading Symbols:   \nTSX: SEA\nNYSE: SA\n\n\nTORONTO, June 25, 2014 /CNW/ - Seabridge Gold Inc. (TSX:SEA)(NYSE:SA)\n (the \"Company\") announced today that it has entered into an agreement\n with a syndicate of underwriters, led by Canaccord Genuity Corp.\n (\"Canaccord-Genuity\") and including National Bank Financial Inc.\n (collectively, the \"Underwriters\"), whereby the Underwriters have\n agreed to purchase, on a bought deal basis, 1,000,000 flow-through\n common shares (the \"Flow-Through Common Shares\") of the Company at a\n price of $12.00 per Flow-Through Common Share (a 23.5% premium to\n today's closing price on the TSX) for gross proceeds of $12 million\n (the \"Offering\"). The Company has granted the Underwriters an option to\n purchase from the Company up to an additional 150,000 Flow-Through\n Common Shares, at the same price as is applicable to the Offering,\n exercisable at least one week prior to the closing date.\n Canaccord-Genuity and Cowen and Company, LLC are acting as financial\n advisors to the Company on this transaction.\n\n\nThe gross proceeds from the Offering will be used to fund an increased\n exploration program at the Company's 100% owned KSM Project in north\n western British Columbia.\n\n\nSeabridge Chairman and CEO Rudi Fronk noted that \"this financing enables\n us to commit the necessary resources for an expanded 2014 program at\n KSM. We have been refining the targeting data obtained from the\n geophysical surveys completed this spring. This work has helped us to\n establish additional high-priority opportunities that we would like to\n test this year if possible. This financing will enable us to increase\n the number of rigs in the program.\n\n\n\"As with all our exploration spending, we expect to generate additional\n gold and copper resources which will more than offset the share\n dilution involved. Growing gold ownership per share continues to be a\n key objective for Seabridge,\" Fronk stated.\n\n\nThe Offering is being made by way of private placement in Canada. The\n Offering is scheduled to close on or about July 22, 2014, and is\n subject to certain conditions including, but not limited to, the\n receipt of all necessary approvals, including the approval of the\n Toronto St...