Mr. Rudi Fronk reports
SEABRIDGE GOLD CLOSES $19.7 MILLION PRIVATE PLACEMENT OF FLOW-THROUGH SHARES
Seabridge Gold Inc. has closed its previously announced non-brokered flow-through financing, including the full amount of the overallotment option, for aggregate gross proceeds of $19,734,000. A total of 1.15 million flow-through common shares of the company, including those pursuant to the exercise of the overallotment option, were issued and sold at a price of $17.16 per flow-through common share (a 27.1-per-cent premium to the closing price on the Toronto Stock Exchange the day the flow-through financing was announced). The proceeds from the financing will be used to finance a 2018 exploration program at the company's KSM project in northwestern British Columbia.
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 from this financing. Increasing gold ownership per share remains an important objective for Seabridge." See news release dated Feb. 13, 2018, for details of the current inferred resource estimate for Iron Cap (1.3 billion tonnes at 0.48 gram per tonne gold and 0.30 per cent copper).
The flow-through financing was made by way of private placement in Canada and the issued shares will be subject to a four-month hold period expiring on Sept. 5, 2018. There were no commissions payable on this financing.
About Seabridge Gold Inc.
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.
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