Seabridge Gold to raise up to US$75 million
(Kitco News) - Seabridge Gold (TSX:SEA)(NYSE:SA) announced today that it has entered into a controlled equity offering sales agreement with Cantor Fitzgerald & Co. and B. Riley Securities.
Pursuant to the sales agreement, the company will be entitled to sell such number of common shares of the company that would result in aggregate gross proceeds to the company of up to US$75 million.
According to the company's statement, sales of the common shares, if any, will be made in "at the market distributions", as defined in National Instrument 44-102 – Shelf Distributions, directly on the New York Stock Exchange or on any other existing trading market in the United States. No offers or sales of common shares will be made in Canada through the facilities of the Toronto Stock Exchange or other trading markets.
The program can be in effect until Seabridge’s current US$775 million Shelf Registration Statement expires in January 2023. The company added that net proceeds from the offering will be used to advance non-flow through eligible exploration and development of the company's projects, potential future acquisitions, and for working capital and general corporate purposes.
Seabridge holds a 100% interest in several North American gold projects. Seabridge's principal assets are the KSM project and Iskut project located near Stewart, British Columbia, Canada, the Courageous Lake gold project located in Canada's Northwest Territories and Snowstorm gold project in the Getchell Gold Belt of Northern Nevada.