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Seabridge Gold closes C$17M private placement

Seabridge Gold Inc. closed a nonbrokered private placement of 1 million common shares at C$17.02 each to a single buyer for total proceeds of about C$17 million.

The company said Aug. 2 that it will use the proceeds for general working capital requirements.

Seabridge granted the buyer an option to purchase an additional 200,000 shares at the same price until Aug. 22.

In March, the company said it will likely prioritize developing the Iron Cap deposit at its KSM project in British Columbia after an updated estimate increased the deposit's gold-copper resources.