Seabridge Gold Inc. (TSX:SEA, NYSE:SA) closed its previously announced $13.8 million bought deal financing consisting of 1.15 million flow-through common shares at a price of $12.00 per flow-through common share. The share price represents a 23.5% premium to the closing price on the TSX the day the financing was announced.
According to the press release:
The gross proceeds from the Offering will be used to fund an increased exploration program at the Company’s 100% owned KSM Project in northwestern British Columbia.
Seabridge Chairman and CEO Rudi Fronk noted:
This financing enables us to commit the necessary resources for an expanded 2014 program at KSM. We have been refining the targeting data obtained from the geophysical surveys completed this spring. This work has helped us to establish additional high-priority opportunities that we would like to test this year if possible. This financing will enable us to increase the number of rigs in the program.