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Sabina Gold & Silver to raise C$30M for Back River gold project development

Sabina Gold &Silver Corp. said May 2 that it will raise about C$30 million undera bought-deal offering.

Proceeds will be used to further develop the company's gold project inNunavut, Canada, including detailed engineering and permitting as well as for workingcapital and general corporate purposes.

A syndicate of underwriters co-led by BMO Capital Markets, CanaccordGenuity and Cormark has agreed to buy 18,410,000 common shares of the company atC$1.63 per share.

The underwriters also have a 30-day option, exercisable at thesame price, to purchase up to 15% more of the shares being offered.

The offering is expected to close by May 20, and BMO CapitalMarkets is the sole book runner.

In mid-March, Sabina mobilized crews to prepare for at the Back Riverproject.

Company shares closed at C$1.81 each on April 29, the last tradingday prior to the announcement.