On January 22, 2018, Sabina Gold & Silver Corp. (Sabina) announced the completion of a private placement with Zhaojin International Mining Co., Ltd. (Zhaojin International) in the amount of approximately $66.1 million to purchase 24.93 million common shares at a price of $2.65 per share. Zhaojin International will now hold approximately 9.9 per cent of Sabina’s issued and outstanding common shares. The investment is a step towards the equity requirements to fund the Black River Gold Project, advancing it to production.
Zhaojin International 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.
Sabina 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.
Zhaojin International was represented by Fasken Martineau DuMoulin LLP, with a team including Michael Boehm, Lei Huang, Sarah Gingrich, Steve Saville, Sandra Malcolm, Janet Howard, Yufei Luo, Edward Guo and Perry Feldman.