Sabina Gold & Silver Announces 9.9% Strategic Investment by Zhaojin International Mining Co., Ltd.
VANCOUVER, British Columbia, Dec. 19, 2017 (GLOBE NEWSWIRE) -- Sabina Gold & Silver Corp (TSX:SBB.T), ("Sabina" or the "Company") is pleased to announce that Zhaojin International Mining Co., Ltd. ("Zhaojin International") has agreed to purchase 24,930,000 common shares of the Company at a price of $2.65 per share for a total investment of approximately $66,100,000 in a private placement (the "Financing"). Upon completion of the Financing, Zhaojin International will own approximately 9.9% of the Company's issued and outstanding common shares on a non-diluted basis. Zhaojin International is a subsidiary of Zhaojin Mining Industry Co. Ltd. ("Zhaojin"), which is a leading Chinese gold producer and one of China's largest gold smelting companies.
"We are very excited to welcome Zhaojin, a leading Chinese gold producer, as a strategic investor. Zhaojin's investment represents a significant milestone for Sabina and is a strong endorsement of the work completed to date at our world class Back River project. This financing with Zhaojin provides Sabina with a cornerstone investor that has financial and technical resources to assist us in advancing the project to production. With this capital in hand, we are currently working on finalizing plans and budgets for 2018 which will focus on de-risking the project with initial pre-construction activities as well as furthering exploration activities," said Bruce McLeod, President and CEO.
In connection with the Financing, Sabina and Zhaojin International have signed a Shareholder Agreement which includes the following provisions:
- A standstill in effect for four years from the closing date of the Financing;
- A 12 month lock up on share dispositions;
- Zhaojin International will have an option to increase its shareholding to up to 19.9% of the common shares of the Company by a grant of participation rights in future financings (up to 33% per financing), subject to certain terms and conditions, including the receipt of shareholder approval of Zhaojin, if required, and the receipt of regulatory and Sabina's Board's approval;
- Zhaojin International will have the right to nominate one director to Sabina's board at 9.9% ownership and shall have the right to appoint a second director should its equity position increase to 19.9%;
- A voting arrangement whereby Zhaojin International will exercise all of its votes associated with its common shares in support of matters proposed by Sabina's Board of Directors to shareholders of the Company (other than certain identified matters) for four years after the closing date of the Financing.
In connection with the financing, Sprott Asia acted as advisor on the transaction, BMO Capital Markets acted as financial advisor and Gowling WLG was retained as legal advisor for Sabina.
The Financing is subject to regulatory and other customary approvals.
Zhaojin International Mining Co., Ltd.
Zhaojin International Mining Co., Ltd. is a subsidiary of Zhaojin Mining Industry Co. Ltd., which is a leading Chinese gold producer and one of China's largest gold smelting companies. They operate across the full production chain, integrating exploration, mining, mineral processing, smelting and marketing. With more than 60 years of gold mining operations they are one of the world's lowest cost producers. Since its listing on the Hong Kong Stock Exchange in 2006, Zhaojin has grown into one of China's largest gold miners with annual gold production of 655k ounces of gold per year and reserves of 13.6 million ounces of gold. Currently they are working on developing the world's largest single ore body gold deposit, the Haiyu deposit in East Asia. Zhaojin's plans are to double their production base within the next five to ten years through investments in international operations.
Sabina Gold & Silver Corp.
Sabina Gold & Silver Corp. is a well-financed, emerging precious metals company with district scale, advanced, high grade gold assets in one of the world's newest, politically stable mining jurisdictions: Nunavut, Canada.
Sabina released a Feasibility Study on its 100% owned Back River Gold Project which presents a project that has been designed on a fit-for purpose basis, with the potential to produce ~200,000 ounces a year for ~11 years with a rapid payback of 2.9 years (see "Technical Report for the Initial Project Feasibility Study on the Back River Gold Property, Nunavut, Canada" dated October 28, 2015). At a US$1,150 gold price and a 0.80 (US$:C$) exchange rate, the Study delivers a potential after tax internal rate of return of approximately 24.2% with an initial CAPEX of $415 million.
In addition to Back River, Sabina also owns a significant silver royalty on Glencore's Hackett River Project. The silver royalty on Hackett River's silver production is comprised of 22.5% of the first 190 million ounces produced and 12.5% of all silver produced thereafter.
The Company had approximately C$38 million in cash and equivalents on September 30, 2017.
For further information please contact:
Nicole Hoeller, Vice-President, Communications: 1 888 648-4218
Forward Looking Statements
This news release contains "forward-looking information" within the meaning of applicable securities laws (the "forward-looking statements"), including our belief as to the extent, results and timing of project financing, regulatory approvals, receiving the equity component of project financing among other things. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. While we have based these forward-looking statements on our expectations about future events as at the date that such statements were prepared, the statements are not a guarantee that such future events will occur and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements. Such factors and assumptions include, among others, the effects of general economic conditions, commodity prices, changing foreign exchange rates and actions by government and regulatory authorities and misjudgments in the course of preparing forward-looking statements. In addition, there are known and unknown risk factors which could cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Known risk factors include risks associated with exploration and project development; the need for additional financing; the calculation of mineral resources and reserves; operational risks associated with mining and mineral processing; fluctuations in metal prices; title matters; government regulation; obtaining and renewing necessary licences and permits; environmental liability and insurance; reliance on key personnel; the potential for conflicts of interest among certain of our officers or directors; the absence of dividends; currency fluctuations; labour disputes; competition; dilution; the volatility of the our common share price and volume; future sales of shares by existing shareholders; and other risks and uncertainties, including those relating to the Back River Project and general risks associated with the mineral exploration and development industry described in our Annual Information Form, financial statements and MD&A for the fiscal period ended December 31, 2016 filed with the Canadian Securities Administrators and available at www.sedar.com. Although we have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. We are under no obligation to update or alter any forward-looking statements except as required under applicable securities laws. This news release has been authorized by the undersigned on behalf of Sabina Gold & Silver Corp.
Bruce McLeod, President & CEO
1800-555 Burrard Street, Two Bentall Centre
Vancouver, BC V7X 1M9
Tel 604 998-4175 Fax 604 998-1051
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Sabina Gold & Silver Corp. via Globenewswire
Följ NASDAQ OMX
Abonnera på våra pressmeddelanden.
Senaste pressmeddelandena från NASDAQ OMX
eGain to exhibit at Call Centre World 2018 in Berlin23.1.2018 12:30 | Pressmeddelande
Company will join forces with Cisco to showcase knowledge-infused, AI-guided omnichannel customer engagement at Europe's premier call centre conference SUNNYVALE, Calif. and NEWBURY, U.K., Jan. 23, 2018 (GLOBE NEWSWIRE) -- eGain (NASDAQ:EGAN), the leading provider of cloud customer engagement solutions, today announced that the company will showcase its award-winning digital engagement suite for the Cisco contact centre infrastructure-eGain Solve(TM) for Cisco Unified CCE(TM)-at CCW 2018 in Berlin, scheduled for February 26th through March 1st , 2018. Proven in world-class deployments, eGain Solve suite helps companies simultaneously elevate the customer experience (CX), business experience (BX), and agent experience (AX) to make digital transformation of experiences (DX) easy and successful. The solution dramatically improves metrics such as NPS (Net Promoter Score), CSAT (Customer Satisfaction), FCR (First-Contact Resolution), AHT (Average Handle Time), speed to agent competency, tra
Quinta do Lago: A resort that delivers year-round ROI23.1.2018 12:10 | Pressmeddelande
LONDON, Jan. 23, 2018 (GLOBE NEWSWIRE) -- A holiday home is not only somewhere to create treasured memories with family and friends, it can also represent a solid business investment. Accessibility, amenities, seasonal consistency and security are all likely to be key considerations when searching for a potential location, and Quinta do Lago scores highly across the board. Located just to the west of Faro Airport, the picturesque resort is part of the Algarve's Golden Triangle and easily accessible from most UK airports, as well as major European cities such as Paris, Madrid and Frankfurt. Accessibility is essential if holiday homes are to provide year-round return on investment (ROI), and Quinta do Lago is capable of attracting weekend holidaymakers and longer-term travellers alike. Fantastic leisure facilities ensure that the resort delivers year-round appeal. Golf, wellness services, award-winning restaurants and a multi-sports hub provide Quinta do Lago with seasonal consistency. F
AnGes Submits Application for Marketing Approval to PMDA for HGF gene therapy for Critical Limb Ischemia23.1.2018 04:44 | Pressmeddelande
TOKYO, Jan. 23, 2018 (GLOBE NEWSWIRE) -- AnGes, Inc., a biopharmaceutical company focused on developing innovative gene-based medicines for serious diseases, announced today the submission of an application for marketing approval to the Pharmaceuticals and Medical Devices Agency (PMDA) of Japan for HGF plasmid, an investigational gene therapy for the treatment of critical limb ischemia (CLI), the most severe condition of peripheral arterial disease. The submission is based on the positive results from the randomized, placebo-controlled phase 3 trial and investigator-led clinical study conducted in Japan. AnGes anticipates being granted conditional approval under the regulatory scheme of "Approval with Conditions and Time Limit" for regenerative medicines. The review process is expected to take approximately one year. HGF plasmid has the potential to be one of the first gene therapy products to be approved for a non-genetic disease with chronic conditions. AnGes grants to Mitsubishi Tan
SEMAFO Inc. : Q4 and Annual 2017 Production and Costs in Line23.1.2018 00:59 | Pressmeddelande
Boungou 80% Complete - Continues on Time, on Budget MONTREAL, Jan. 22, 2018 (GLOBE NEWSWIRE) -- SEMAFO Inc. (TSX:SMF) (OMX:SMF) reports 2017 production of 206,400 ounces at an all-in sustaining cost of $943 per ounce. As a result, the Corporation has beat its revised production and met its cost guidance for the year. Mana In the fourth quarter, Mana produced 49,500 ounces of gold at a total cash cost1 of $667 per ounce and all-in sustaining cost2 of $987 per ounce Annual production of 206,400 ounces, slightly ahead of 2017 guidance of 190,000 to 205,000 ounces Total cash cost1 for 2017 of $655 per ounce All-in sustaining cost2 for 2017 of $943 per ounce, in line with guidance of $920 to $960 per ounce Gold sales of 205,300 ounces generated 2017 revenues of $259 million ($1,261 per ounce) Mining Operations Mana, Burkina Faso Three-month period Year ended December 31, ended December 31, 2017 2016 Variation 2017 2016 Variation Tonnes processed 653,500 714,200 (8%) 2,739,900 2,753,300 - He
Atico Reports 2017 Fourth Quarter and Full Year Production Results22.1.2018 22:30 | Pressmeddelande
VANCOUVER, British Columbia, Jan. 22, 2018 (GLOBE NEWSWIRE) -- Atico Mining Corporation (the "Company" or "Atico") (TSXV:ATY) (OTC:ATCMF) is pleased to announce operating results for the three and twelve month periods ended December 31, 2017 from its El Roble mine. Production totaled 5.33 million pounds of copper with 2,972 ounces of gold for the fourth quarter ("Q4 2017") and 20.63 million pounds of copper with 10,923 ounces of gold in concentrates for the full year 2017. "Atico has successfully concluded its fourth full year of operating the El Roble mine, exceeding 2017 guidance while achieving the highest annual production results to date," said Fernando E. Ganoza, CEO. "In the upcoming year, we will focus on increasing mineral resources through aggressive exploration at the El Roble mine and the surrounding prospective 6,600 hectare land package, to continue growing production and expanding the operation." Fourth Quarter and Full Year Operational Highlights Fourth Quarter Producti
Banque Fédérative du Credit Mutuel: Post Stabilisation Notice22.1.2018 18:54 | Pressmeddelande
PARIS, Jan. 22, 2018 (GLOBE NEWSWIRE) -- Banque Fédérative du Credit Mutuel Post Stabilisation Notice HSBC (contact: Syndicate desk, telephone: +44 207 992 8066) hereby gives notice that no stabilisation (within the meaning of the rules of the Financial Conduct Authority) was undertaken by the Stabilisation Manager(s) named below in relation to the offer of the following securities. Issuer: Banque Fédérative du Credit Mutuel Guarantor (if any): na Aggregate nominal amount: GBP 450,000,000 Description: 1.375% due Dec 2021 Offer price: 99.872 Stabilising Managers: HSBC & Goldman Sachs This announcement is for information purposes only and does not constitute an invitation or offer to underwrite, subscribe for or otherwise acquire or dispose of any securities of the Issuer in any jurisdiction This information is provided by RNS The company news service from the London Stock Exchange Contacts: RNS Customer Services 0044-207797-4400 firstname.lastname@example.org http://www.rns.com This announ
I vårt pressrum kan du läsa de senaste pressmeddelandena, få tillgång till pressmaterial och hitta kontaktinformation.Besök vårt pressrum