Sabina Gold & Silver Corp. said Dec. 12 that it upsized its previously announced bought deal financing to around C$22.0 million, from C$20.0 million, due to strong demand.
The company will issue 18,340,000 shares at C$1.20 apiece. Sabina Gold & Silver granted underwriters an over-allotment option, exercisable at the offering price for a period of 30 days following the closing, to purchase up to an additional 2,751,000 shares.
The offering is led by BMO Capital Markets and RBC Capital Markets.
The company will use the proceeds to further develop the Back River gold project in Nunavut, Canada, and for working capital and general corporate purposes.
The financing will close by Dec. 21.