Sabina Gold & Silver Completes $1.3-million Private Placement

Sabina Gold & Silver Corp. (TSX:SBB) announced that it’s completed a previously announced $1.3-million non-brokered private placement. The company sold 2,661,600 flow-through common shares priced at $0.50 each.
As quoted in the press release:

The total gross proceeds must be used to incur Canadian exploration expenditures as defined by the Income Tax Act (Canada) by December 31, 2016.

Bruce McLeod, president and CEO of Sabina, commented:

We are pleased that this financing bolsters our already strong treasury. We believe that the work we are doing at Back River continues to de-risk and add value to the project and that the use of flow-through funds to facilitate some of this work is a more effective use of capital. We are also pleased that we were able to complete the financing at a 21% premium to the 20 day volume weighted average price (at the time of the announcement), and that our insider ownership has been significantly increased. We look forward to reporting continuing advancements on the Back River Gold Project through the course of the year.

Click here to read the full Sabina Gold & Silver Corp. (TSX:SBB) press release.