Sabina Gold and Silver Closes $32 Million Bought Deal Financing

Sabina Gold and Silver (TSX:SBB) has closed its previously announced bought deal financing for proceeds of $32 million.
As quoted in the press release:

In addition, the over-allotment option granted to the underwriters was exercised in part for 1,380,750 Common Shares at $1.63 per share. This financing and the over-allotment are closed, bringing total gross proceeds of $32,258,922.50.
The financing was underwritten by a syndicate of underwriters led by BMO Capital Markets and including Canaccord Genuity Corp., Cormark Securities Inc., as co-lead underwriters, and RBC Dominion Securities Inc., Dundee Securities Ltd., Haywood Securities Inc., National Bank Financial Inc. and Paradigm Capital Inc. (collectively, the “Underwriters”). The Underwriters received a cash commission of 5.0% of the gross proceeds from this financing.

Sabina president and CEO, Bruce McLeod, said:

This financing provides the Company with the ability to continue de-risking Back River by progressing with detailed engineering as well as completing work required for the regulatory phase of the permitting process (namely the Type A water license). Additionally, we remain focussed on work to optimize the project, including metallurgical studies as well as opportunities to unlock the imbedded future growth on this prospective district through desk top and field exploration work. We believe this is the optimal path for continued creation of shareholder value.

Click here for the full press release.