Sabina to raise C$35m for Nunavut gold project
Nunavut-focused Sabina Gold and Silver has announced a C$35-million capital raising to fund the procurement of engineering and civil works equipment for its Back River gold project.
The company has entered into an agreement with a syndicate of underwriters, led by BMO Capital Markets and RBC Capital Markets, under which the underwriters have agreed to buy on a bought-deal basis 18-million shares at C$1.95 a share.
The recently updated feasibility study for Back River represents a project that will produce an average of 223 000 oz/y over 15 years, with a payback of 2.3 years. The project has an aftertax internal rate of return of 28% and a net present value of C$1.1-billion.
The initial capital estimated is C$610-million.
Sabina's stock closed 10.8% up at C$2.40 a share.
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