Canadian miner Sabina Gold & Silver Corp has an-nounced today it has entered into an agreement with a group of under-writers led by BMO Capital Markets under which it secured about C$35 million (US$28 million) from the sale of its shares. The funds will allow the company to advance its gold mining project in Canada’s Nunavut territory.
“The net proceeds from the sale of the common shares will be used to advance development of the company’s Goose project at the Back River gold district with the objective of funding critical path activities needed to be completed in order to maintain the targeted production schedule,” the miner said in a statement.
Among others, the necessary investments to be financed by the funds include “the purchase of certain mining and construction equipment, site infrastructure facilities, structural steel for process plant building and other structures, winter-ice-road equipment, bulk construction supplies, com-pletion of select earthworks at Goose site,” according to the statement.