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
Om Nasdaq GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York
+1 212 401 8700http://www.nasdaqomx.com
NASDAQ (NASDAQ: NDAQ) is a leading provider of trading, exchange technology, information and public company services across six continents.
Følg saker fra Nasdaq GlobeNewswire
Registrer deg med din epostadresse under for å få de nyeste sakene fra Nasdaq GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.
Siste saker fra Nasdaq GlobeNewswire
CORRECTION - Elite Petro & Gas broadens financial services and signs a deal with Tabarak Investment Capital Limited18.10.2018 23:35 | Pressemelding
DUBAI, United Arab Emirates, Oct. 18, 2018 (GLOBE NEWSWIRE) -- Today the President of Elite Petro & Gas, Mr. George Matharu and the President of Tabarak Investment Capital Limited (Investment Bank), Dr. Mohamed Ahmadi announced a deal in which the two companies will use their combined resources to execute physical commodity trades, and provide banking and finance facilities for oil and gas transactions. The alliance between the two entities will also allow compliance related activities to be carried out from two major international hubs of London and Dubai. This increases the international presence of both companies. Additionally, Elite Petro & Gas (“EPG”) has recently formed relationships with the owners of a number of high profile European, South American and Chinese projects, which EPG and Tabarak can work on together. Tabarak Investment Capital Limited is a regulated investment bank by Dubai Financial Services Authority and incorporated in the Dubai International Financial Centre.
Partnership Between Zaiput Flow Technologies and ThalesNano Set to Improve Process Intensification18.10.2018 15:21 | Pressemelding
BUDAPEST, Hungary and WALTHAM, Mass., Oct. 18, 2018 (GLOBE NEWSWIRE) -- Zaiput Flow Technologies, a global leader in separation, and ThalesNano, the world leader in bench-top flow chemistry reactors, recently signed a distribution agreement and entered into a technology partnership that exploits the benefits of their combined technologies. Under the distribution Zaiput liquid-liquid phase separators and back pressure regulators are available via ThalesNano in Europe and a number of other countries on a non-exclusive basis, either separately or as part of a bundled offering with ThalesNano’s own microflow reactors. Within the framework of the technology partnership the companies will collaborate to promote adoption of the combined use of their technologies. “We are very excited to work with ThalesNano to offer better-integrated flow chemistry systems to our customers and streamline the work of both novice and experienced users in the flow chemistry space,” said Zaiput CEO, Dr. Andrea Ad
Abeona Therapeutics Appoints João Siffert, M.D. Head of Research and Development and Chief Medical Officer18.10.2018 14:03 | Pressemelding
NEW YORK and CLEVELAND, Oct. 18, 2018 (GLOBE NEWSWIRE) -- Abeona Therapeutics Inc. (Nasdaq: ABEO), a leading clinical-stage biopharmaceutical company focused on developing novel cell and gene therapies for life-threatening rare genetic diseases, today announced the appointment of João Siffert, M.D. as Head of Research and Development and Chief Medical Officer. As a result, former Chief Medical Officer Juan Ruiz, M.D., Ph.D. will assume the role of Head of European Medical Affairs. The Company also announced the appointment of Neena Patil, J.D. as General Counsel and Corporate Secretary. Both Dr. Siffert and Ms. Patil report to Chief Executive Officer, Carsten Thiel, Ph.D. “I am very pleased to welcome João and Neena to Abeona, and confident in their abilities to make important contributions to the future growth of our company,” said Dr. Thiel. “João has an ideal blend of clinical, scientific, and regulatory experience to reference as we look to advance our clinical and pre-clinical can
Meltwater and Dow Jones Announce Global Partnership to Provide Premium Content18.10.2018 14:00 | Pressemelding
SAN FRANCISCO and NEW YORK, Oct. 18, 2018 (GLOBE NEWSWIRE) -- Meltwater, a global leader in media intelligence, today announces the launch of a partnership with Dow Jones, a global provider of news and business information, to provide premium licensed content from Dow Jones Factiva into the Meltwater Media Intelligence platform. This partnership will give Meltwater’s PR and communications clients the ability to monitor and analyze premium licensed content across thousands of Factiva news sources globally, including: The Wall Street Journal, America’s largest newspaper by paid circulation; Barron’s; MarketWatch; and Dow Jones Newswires. “Meltwater provides our clients with the most comprehensive content network globally, across news, social media and broadcast media. This new Dow Jones partnership will further strengthen our leadership position and allow our clients to access licensed content from some of the most highly-respected news outlets in the world. We’re excited about this part
Biogen to Present Data from Alzheimer’s Disease Portfolio at the 2018 Clinical Trials on Alzheimer’s Disease (CTAD) Meeting18.10.2018 13:30 | Pressemelding
EMBARGOED FOR DISTRIBUTION Please note CTAD embargo policy: All materials submitted to CTAD are embargoed for publication and broadcast until the officially scheduled date and time of presentation, symposia or poster session. Data to be presented across the Alzheimer’s disease clinical development portfolio, including aducanumab, BAN2401 and elenbecestat CAMBRIDGE, Mass., Oct. 18, 2018 (GLOBE NEWSWIRE) -- Biogen (Nasdaq: BIIB) announced it will present data from its Alzheimer’s disease (AD) clinical development portfolio at the upcoming Clinical Trials on Alzheimer’s Disease (CTAD) annual meeting in Barcelona, Spain (October 24-27). The data being presented are part of Biogen’s ongoing research programs targeting possible causes of the disease through multiple modalities. “We are excited to engage with the scientific community at CTAD, to share learnings from our Alzheimer’s disease clinical research and to learn from the work of our colleagues around the world. We have hopes that our
SEMAFO Provides Notice of Third Quarter 2018 Results Release and Conference Call 18.10.2018 13:30 | Pressemelding
MONTREAL, Oct. 18, 2018 (GLOBE NEWSWIRE) -- SEMAFO (TSX, OMX: SMF) invites you to participate in a conference call on November 7, 2018 at 10:00 AM EST with senior management during which they will review the Corporation's third quarter 2018 financial and operational results. SEMAFO's financial statements and management's discussion and analysis for the third quarter 2018 will be released on November 6 after market hours and will be available in the “Investor Relations” section of the Corporation's website at www.semafo.com , and on the Canadian Securities Administrators' website at www.sedar.com . A live audio webcast of the conference call will be accessible for a period of 30 days through SEMAFO’s website at www.semafo.com . Tel. local & overseas: +1 (647) 788 4922 Tel. North America: 1 (877) 223 4471 Webcast: www.semafo.com Replay overseas: +1 (416) 621 4642 Replay N. America: 1 (800) 585 8367 Replay pass code: 2823689 Expiration: December 7, 2018 About SEMAFO SEMAFO is a Canadian-b
I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.Besøk vårt presserom