Mr. Bruce McLeod reports
SABINA GOLD & SILVER CLOSES NON-BROKERED PRIVATE PLACEMENT FLOW THROUGH FINANCING FOR $6.7 MILLION
Sabina Gold & Silver Corp. has closed its previously announced non-brokered private placement. The offering comprised 3,355,500 flow-through common shares at a price of $2 per share for gross proceeds of approximately $6.7-million.
"This financing enables us to use flow-through dollars rather than the hard dollars allocated for continued development activities at Back River," said Bruce McLeod, president and chief executive officer. "This funding provides for an additional 10,000 metres at Back River to follow up on successes from this year's spring program as well as last year's program."
The total gross proceeds of the financing must be used to incur Canadian exploration expenditures as defined by the Income Tax Act (Canada) by Dec. 31, 2019.
About Sabina Gold & Silver Corp.
Sabina Gold & Silver is well financed and had approximately $86-million in cash and equivalents as at March 31, 2018. The company is an emerging precious metal company with district-scale, advanced, high-grade gold assets in one of the world's newest, politically stable mining jurisdictions -- Nunavut, Canada.
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