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Seabridge raises $115.7m for Snowfield buy

10th December 2020

By: Mariaan Webb

Creamer Media Contract Publishing Editor

     

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TSX- and NYSE-listed Seabridge Gold has successfully raised $115.7-million in bought deal financing to fund the acquisition of the Snowfield property, in British Columbia.

Proceeds from the offering will be used to pay the entire $100-million upfront cash payment to Pretivm Resources, expenses related to the acquisition and the remainder for general working capital.

Seabridge expects the Snowfield acquisition to close next week.

Snowfield is located in the same valley that hosts Seabridge subsidiary KSM Mining’s Mitchell deposit.

Snowfield's measured and indicated mineral resources have the potential to significantly increase KSM's proven and probable reserves. Snowfield's mineral resource is 25.9-million ounces of gold in the measured and indicated category and a further 9.0-million ounces in the inferred category, as well as substantial copper resources. Seabridge says the estimated strip ratio for the Snowfield deposit is less than one-to-one and previous studies indicate its resources can be successfully blended with Mitchell ore.

Edited by Creamer Media Reporter

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