Business
Seabridge Gold Closes US$100 Million in Financings
Includes US$20 Million from Strategic Investor Toronto, Ontario--(Newsfile Corp. - February 19, ...
About this update from Seabridge Gold Inc
[{"type":"text","content":"Seabridge Gold Closes US$100 Million in FinancingsIncludes US$20 Million from Strategic InvestorToronto, Ontario--(Newsfile Corp. - February 19, 2025) - Seabridge Gold Inc. (TSX: SEA) (NYSE: SA) (\"Seabridge\" or the \"Company\") announced today it has successfully closed its previously announced bought deal offering, co-led by RBC Capital Markets and Cantor Fitzgerald Canada Corporation, consisting of 6,540,000 common shares at the price of US$12.25 per share for aggregate gross proceeds of approximately US$80 million. Seabridge has also successfully closed its previously announced private placement with a strategic investor consisting of 1,640,000 common shares on substantially the same terms as the bought deal offering for aggregate gross proceeds of approximately US$20 million. The common shares issued under the private placement are subject to a statutory four-month hold period under applicable securities laws.Net proceeds will be used by the Company to make the payments to BC Hydro contracted for completion of the KSM switching station; complete a program to collect all remaining anticipated field data for, and undertake early value engineering to support, a KSM bankable feasibility study; fund other costs associated with ongoing activities at the Company's 100%-owned KSM gold-copper project in northeast British Columbia, Canada; and for general corporate purposes. Seabridge Chairman and CEO Rudi Fronk said \"the financing ensures continued forward momentum at KSM while we engage with our short list of prospective joint-venture partners. This year's program will provide the remaining field data that we anticipate will be required for the bankable feasibility study which we expect to undertake with our joint-venture partner. It will also enable us to hold our priority status with BC Hydro for the low-cost green energy which makes KSM such a robust project economically. We will also be evaluating some of the engineering alternatives our prospective joint-venture partners have proposed for advancing KSM.\"The bought deal offering was made by way of a prospectus supplement (the \"Prospectus Supplement\") to the Company's base shelf prospectus (the \"Base Shelf Prospectus\") and related U.S. registration statement on Form F-10 (SEC File No. 333-283616) (the \"Registration Statement\"). The Prospectus Supplement was filed with t...