B2Gold completes acquisition of Sabina Gold & Silver Corp.
Published by Isabelle Keltie,
Editorial Assistant
Global Mining Review,
B2Gold Corp. has announced that it has completed the previously announced plan of arrangement to acquire all of the issued and outstanding common shares of Sabina Gold & Silver Corp.
The Arrangement results in B2Gold acquiring Sabina’s 100% owned Back River Gold District located in Nunavut, Canada. The Back River Gold District consists of five mineral claims blocks along an 80 km belt. The most advanced project in the district, Goose, is fully permitted, construction ready, and has been de-risked with significant infrastructure currently in place. B2Gold’s management team has strong northern construction expertise and experience to deliver the fully permitted Goose project and the financial resources to develop the significant gold resource endowment at the Back River Gold District into a large, long life mining complex.
Clive Johnson, President and CEO of B2Gold, said: “The closing of the acquisition of Sabina and the Back River Gold District represents a milestone for B2Gold as we continue to build a low-cost responsible senior gold mining company. We are excited to add such a high-quality, high grade gold project in a top mining jurisdiction to our global portfolio, and we are thrilled to welcome the exceptional Sabina team into B2Gold. We also look forward to working with the Kitikmeot Inuit Association and local communities as we advance the construction of the Goose project and our development strategy. As we continue with the construction of the Goose project and move toward commencement of production in 2025, our exploration programme will also start immediately. We aim to further define the Back River Gold District’s untapped potential and unlock the significant value we see and opportunities for growth.”
Under the terms of the Arrangement, Sabina shareholders received 0.3867 B2Gold common shares per Sabina common share. In aggregate, B2Gold will issue approximately 216 million B2Gold Shares under the Arrangement.
The Sabina common shares are expected to be delisted from the TSX and the OTCQX at market close on April 21, 2023. Following the delisting, B2Gold intends to apply for Sabina to cease to be a reporting issuer under applicable Canadian securities laws.
Read the article online at: https://www.globalminingreview.com/finance-business/24042023/b2gold-completes-acquisition-of-sabina-gold-silver-corp/
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