Key Developments: Seabridge Gold Inc (SA)
9.65USD
21 May 2013
$-0.43 (-4.27%)
$9.30
$9.76
$9.99
$9.55
312,635
386,826
$20.33
$9.20
Latest Key Developments (Source: Significant Developments)
Royal Gold, Inc Increases KSM Royalty Option by Acquiring Additional $18 Million in Seabridge Gold Inc Common Shares at 15% Premium to Market
Seabridge Gold Inc announced that Royal Gold, Inc. has exercised its option (the Share Option) to acquire, by way of private placement, CAD18 million in Seabridge treasury shares at a 15% premium to the volume weighted average trading price of Seabridge shares on the TSX for the five day period ending December 11, 2012 as per the original agreement. The private placement consists of 1,004,491 Seabridge common shares at a price of CAD17.92 each. By exercising the Share Option, Royal Gold obtains a second royalty option to acquire a further 0.75% net smelter return (NSR) royalty on all gold and silver production from Seabridge's KSM project. Royal Gold can exercise the second royalty option by electing to acquire the 0.75% NSR within 60 days following Royal Gold's agreement that the KSM project is in receipt of all material approvals and permits, full project financing and certain other conditions and paying Seabridge CAD60 million in three equal payments over the 18 month period after such election. As background, in June 2011 Royal Gold acquired 1,019,000 Seabridge shares from treasury at a 15% premium to the then market price. For this initial investment, Royal Gold was granted a royalty option to acquire a 1.25% NSR on all gold and silver production from the KSM project for CAD100 million. Full Article
Seabridge Gold Inc Closes $24 Million Financing-Canada Stockwatch News
Canada Stockwatch News reported that Seabridge Gold Inc. has closed its previously announced $24.0-million bought deal financing consisting of 1.1 million flow-through common shares at an average price of $21.85 per share (a 20% premium to the closing price on the Toronto Stock Exchange the day before the financing was announced). The financing was arranged by a syndicate of underwriters, led by Stonecap Securities Inc., and including Macquarie Capital Markets Canada Ltd. and Cormark Securities Inc. The gross proceeds from the offering will be used for exploration and development at the Company's KSM and Courageous Lake projects. The financing was made by way of private placement to accredited investors and the shares are subject to a four-month hold period expiring on March 22, 2013. Full Article
Seabridge Gold Inc Announces Management Changes
Seabridge Gold Inc announced that that Rudi Fronk, its President and Chief Executive Officer (CEO) since 1999, will now assume the position of Chairman and CEO. Jay Layman becomes the President of the Company and retains his title of Chief Operating Officer. James Anthony, who has served as Chairman of the Company since 2002, will now become Chairman of the Corporate Governance Committee with primary responsibility of ensuring the independence and effectiveness of the Board of Directors. Full Article
Banks Island Gold Ltd Announces Option Agreement With Seabridge Gold Inc
Banks Island Gold Ltd announced that, further to its news release dated March 15, 2012, it has entered into an option agreement with Seabridge Gold Inc. to acquire a 100% interest in and to the mineral claims and other assets comprising Seabridge's Red Mountain Project located approximately 18 km east of the Port of Stewart, British Columbia. Pursuant to the terms of the Agreement, the Company paid Seabridge the sum of $450,000 and issued an aggregate of 4,000,000 common shares on June 15, 2012. The issuance of the 4,000,000 shares to Seabridge has resulted in Seabridge owning approximately 15.4% of the issued and outstanding shares of the Company. The shares issued to Seabridge will be subject to a hold period expiring on October 16, 2012. In order to exercise the option, the Company will be required to pay Seabridge $450,000 on the earlier of, December 15, 2012, or 14 days after the Company completes one or more financings which raise aggregate proceeds of not less than $750,000; $1,500,000 on or before August 3, 2013; and $9,500,000 on or before February 3, 2015. Full Article
Seabridge Gold Inc To Commence Trading On New York Stock Exchange
Seabridge Gold Inc announced that the common shares will commence trading on the New York Stock Exchange (NYSE) under the symbol SA. Effective April 10, 2012, Seabridge's common shares will no longer trade on the NYSE-AMEX where it had traded under the symbol SA. Full Article
Banks Island Gold Ltd And Seabridge Gold Inc Announces Letter Of Intent For Option To Acquire Red Mountain Gold Project
Banks Island Gold Ltd announced that, further to its news release dated February 10, 2012, it has signed a Letter of Intent (LOI) with Seabridge Gold Inc. (Seabridge) for an option to acquire 100% of the Red Mountain Gold Project (Project) located in British Columbia approximately 18 km east of the Port of Stewart, BC. The Red Mountain Gold Project, 17,100 hectares in size, is an advanced stage gold property. Expenditures on the Project to date amount to approximately $40M and includes 127,300m of diamond drilling, 2,000m of underground development, and advanced environmental, metallurgical, and engineering studies. The Company has paid $100,000 to secure exclusive rights for the 120 day period following February 3rd, 2012, the date of the Letter of Intent (Exclusivity Period), to conduct due diligence and to negotiate an option agreement with Seabridge for the acquisition of the Red Mountain Gold Project. The Company has completed its due diligence review of the Project and is satisfied and is moving ahead with settling the definitive option agreement. The terms of the LOI contemplate that the Company may earn a 100% interest in the Project from Seabridge by making the payments to Seabridge. Full Article
Seabridge Gold Inc Commences 2012 Exploration Program At Courageous Lake
Seabridge Gold Inc announced the commencement of this year $8.5 million exploration program at Courageous Lake is focused on finding a second major gold deposit along Seabridge's 52-kilometer-long Matthews Lake Greenstone Belt to supplement the existing multi-million ounce FAT deposit. The program includes: approximately 12,500 meters of core drilling divided into a winter program now in progress and a summer program commencing in June; detailed air borne magnetic and electromagnetic geophysical surveys over the thickest part of the belt and; in-fill drilling of in-pit, inferred resources at the FAT deposit which could lead to an increase in reserves. Seabridge is also proceeding with environmental and engineering programs to advance the project towards permitting and enhance its design. Full Article
Orsa Ventures Corp. Announces Amendment To Option Agreement With Seabridge Gold Inc
Orsa Ventures Corp. announced that the Company has entered into an amending agreement to the option agreement in respect of the Quartz Mountain and Angel's Camp properties, which was originally announced in the Company's news release of October 24, 2011. Under the terms of the Amending Agreement among Seabridge Gold Inc. (Seabridge), Seabridge Gold Corporation (Seabridge Sub), Orsa Ventures Corp. and Orsa Minerals Ltd. (Orsa US), the parties have agreed to amend the Option Agreement to provide that in lieu of making the $500,000 cash payment to Seabridge Sub on or before the fifth day following regulatory approval of the Option Agreement that was required under the original terms of the Option Agreement, Orsa will instead issue 1,500,000 common shares to Seabridge Sub on such date. In addition, Orsa has assigned its rights and obligations under the Option Agreement to Orsa US, its wholly owned U.S. subsidiary. The other conditions of exercise of the option under the Option Agreement, including the staged payments of $5,000,000 in cash or shares of Orsa, the delivery of a feasibility study and the cash payment of $15,000,000 or a 2% NSR, remain unchanged. The Amending Agreement and the Option Agreement remain subject to the approval of the TSX Venture Exchange (TSX-V). Full Article
Seabridge Gold Inc Updates On Flow-Through Financing
Seabridge Gold Inc announced that it has been advised by Stonecap Securities Inc. (the Agent) that the previously announced marketed offering of flow-through common shares (the Offering) has been fully subscribed for gross proceeds of $27.4 million. The Offering is being made by way of a private placement to accredited investors in British Columbia, Alberta, and Ontario, and in such other provinces or territories as mutually agreed to between the Company and the Agent. The Offering is scheduled to close on or about December 6, 2011. Full Article
Seabridge Gold Inc Announces Flow-Through Financing of Up to $27.4 Million
Seabridge Gold Inc announced that it has entered into an agreement with Stonecap Securities Inc. for a best efforts offering of up to 1,000,000 flow-through common shares from treasury of the Company at an average price of $27.36 per Flow-Through Common Share for gross proceeds of up to $27.4 million. Stonecap Securities Inc. and Dahlman Rose & Company, LLC are acting as financial advisors to the Company on this transaction. The gross proceeds from the Offering will be used for exploration and development at the Company's core KSM and Courageous Lake projects. The Offering is being made by way of private placement to accredited investors in British Columbia, Alberta, and Ontario, and in such other provinces or territories as mutually agreed to between the Company and the Agent. The Offering is scheduled to close on or about December 6, 2011, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange, the NYSE-Amex, and the relevant securities regulatory authorities. Shares issued under this Offering are subject to a four month hold period. Full Article
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