Mr. Rudi Fronk reports
SEABRIDGE GOLD ARRANGES $17.2 MILLION PRIVATE PLACEMENT OF FLOW-THROUGH SHARES
Seabridge Gold Inc. has arranged a non-brokered private placement of one million flow-through common shares of the company at a price of $17.16 per share (a 27.1-per-cent premium to today's closing price on the Toronto Stock Exchange) for gross proceeds of $17.16-million. The proceeds from the financing will be used to finance a 2018 exploration program at the company's KSM project in northwestern British Columbia, Canada.
Seabridge chairman and chief executive officer Rudi Fronk noted: "This year's exploration program at KSM will follow up on the tremendous success we achieved last year at KSM's Iron Cap deposit, where inferred gold resources increased by 302 per cent to 20.0 million ounces and inferred copper resources increased by 379 per cent to 8.6 billion pounds. As in previous years, we are confident that this year's program should add sufficient resource ounces of gold to more than offset the share issuances announced today. Increasing gold ownership per share remains an important objective for Seabridge." See the company's news release dated Feb. 13, 2018, for details of last year's resource additions at Iron Cap.
The private placement is expected to close on or about May 4, 2018, and is subject to customary closing conditions, including, but not limited to, the approval of the Toronto Stock Exchange and the New York Stock Exchange. The financing is being made by way of private placement in Canada and the issued shares will be subject to a four-month hold period.Seabridge has granted an option to increase the size of the private placement by an additional 150,000 flow-through common shares (15 per cent) exercisable until April 27, 2018.
Seabridge Gold holds a 100-per-cent interest in several North American gold resource projects. The company's principal assets are the KSM and Iskut properties located near Stewart, B.C., Canada, and the Courageous Lake gold project located in Canada's Northwest Territories. For a breakdown of Seabridge's mineral reserves and resources by project and category, please visit the company's website.
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