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Sabina Gold & Silver closes C$32M bought-deal offering

Vancouver, Canada-based Sabina Gold & Silver Corp. closed its previouslyannounced bought-dealoffering, comprising 18,410,000 common shares at C$1.63 per share,according to a May 20 news release.

Additionally, the underwriters exercised the overallotmentoption in part for 1,380,750 common shares at C$1.63 per share. Thetransactions raised gross proceeds of approximately C$32.3 million.

The offering was underwritten by a syndicate of underwritersco-led by BMO Capital Markets, Canaccord Genuity Corp. and Cormark SecuritiesInc., along with RBC Dominion Securities Inc., Dundee Securities Ltd., HaywoodSecurities Inc., National Bank Financial Inc. and Paradigm Capital Inc.

The company plans to use the proceeds to further develop itsBack River goldproject in Nunavut, Canada, including detailed engineering and permitting.