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Sabina raises C$5M for Canadian exploration expenses

Sabina Gold & Silver Corp. said Dec. 20 that it raised C$5 million from a bought deal private placement, proceeds of which are earmarked for Canadian exploration expenses set to be incurred by Dec. 31, 2020.

The placement consists of 2,137,000 flow-through common shares sold at C$2.34 apiece.

The offering was led by Sprott Capital Partners LP, with Canaccord Genuity Corp., Cormark Securities Inc., Echelon Wealth Partners Inc., Industrial Alliance Securities Inc. and Paradigm Capital Inc. as members of the syndicate.

The company appointed Tamesis Partners LLP as a special selling group member for the offering.

Sabina said that Dundee Precious Metals Inc. and Zhaojin International Mining Co. Ltd. chose to maintain their pro-rata share interests and were issued an aggregate of 1,921,780 non flow-through common shares at C$1.63 apiece for additional gross proceeds of about C$3.1 million.