SII - Seabridge to raise $225M via note exchangeable for KSM silver royalty

Seabridge Gold (NYSE:SA) said it is raising $225M to advance its KSM project in British Columbia through a deal with Sprott Resource Streaming and Royalty (NYSE:SII) and Ontario Teachers Pension Plan. Seabridge said it will sell a secured note to be exchanged at maturity for a silver royalty on its KSM project, raising funds to be used in continuing ongoing physical works at the project and advancing it to a designation of "substantially started." The company said achieving the "substantially started" designation would ensure the continuity of the KSM project's approved environmental assessment certificate for the life of the project, and the fundraising would achieve key objectives at KSM without requiring shareholder dilution. "KSM is Canada's largest gold-copper-silver development project and an outstanding economic opportunity that we confidently expect to become one of our longest-life silver royalties," Sprott managing partner Michael Harrison said. Citing COVID-19 related impacts, Seabridge Gold recently was

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Seabridge to raise $225M via note exchangeable for KSM silver royalty