Loading ...Canada’s Seabridge Gold (TSX: SEA) (NYSE: SA) announced it has successfully raised $115.7 million, more than enough to fund the acquisition of Pretivm Resources’ (NYSE: PVG) Snowfield property in northwest British Columbia.
“Proceeds from the financing will pay the entire $100 million upfront cash payment payable in respect of the acquisition of the Snowfield property, the expenses related to the acquisition, with the remainder used for general working capital,” the Toronto-based miner said.
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Seabridge said Snowfield, immediately adjacent to its 100%-owned KSM gold-copper project, will open up new development opportunities for its flagship asset.
The deal, announced last week, will also give Pretivm a 1.5% net smelter royalty related to all production from the Snowfield project and a future $20 million contingent payment.