19 Feb 2025capital raising announcement● NeutralMajor
Closed both halves of the February financing: US$80 million from the bought deal at US$12.25 and US$20 million from the strategic investor's placement on the same terms.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 Jan 2025capital raising announcement● NeutralMajor
Renewed the at-the-market programme for another US$100 million, this time with Cantor Fitzgerald and RBC as agents - the third such standing share-selling facility since 2021.
9 Jan 2023capital raising announcement● NeutralMajor
Replaced the 2021 at-the-market programme with a new one of the same shape, up to US$100 million through Cantor Fitzgerald and B. Riley.
22 Jan 2021capital raising announcement● NeutralMajor
Signed an at-the-market sales agreement with Cantor Fitzgerald and B. Riley allowing up to US$75 million of shares to be sold into the open market whenever the company chooses. A standing dilution tap rather than a discrete raise, and a new funding mode for a company that had until then issued in blocks.
4 Dec 2020capital raising announcement● NeutralMajor
A US$105 million bought deal - 6,100,000 shares at US$17.25 through Cantor Fitzgerald, with a 10% over-allotment and a 4% commission. Several times the size of any earlier raise in the cached record, whose largest was the C$30 million Royal Gold placement of 2011.
What it means for a shareholder
6.1m new shares at US$17.25 to raise about US$105m. That's 8.8% dilution: every existing holder's slice gets 8.8% smaller. If you held US$1,000 of shares (58 at the issue price), your slice goes from 0.0000913% to 0.0000833% of the company. To keep it you'd need 6 more shares - about US$104 at the issue price.
Create a free account to see this worked out for your own holding.
30 Mar 2017capital raising announcement● NeutralMajor
Announced two bought deals at once: 1 million common shares for $14.3 million and a concurrent $20.0 million of flow-through shares, co-led by Canaccord and Cantor Fitzgerald, for KSM and the newly acquired Iskut project. Struck at $14.30 a share against the $8.10 the insiders paid in the November 2015 placement.
22 Apr 2016capital raising announcement● NeutralMajor
Launched a cross-border share offering off the 2014 shelf, with size and price left to the marketing, alongside a firm C$10.8 million bought deal of 450,000 flow-through shares at C$24.08 - a 30% premium and nearly three times the $8.10 the insiders paid five months earlier. The flow-through money was earmarked for KSM and, if the pending SnipGold acquisition completed, the Iskut property.
2 Nov 2015capital raising announcement● NeutralMajor
Raised $14.6 million by selling 1.8 million shares at $8.10 directly to two of its largest shareholders, 1.5 million of them to Albert Friedberg's FCMI Parent Co, for general working capital rather than a specific program. The price keeps falling - $10.17 in April, $8.10 now - and this round came from insiders' pockets rather than a public book.
What it means for a shareholder
1.8m new shares at C$8.10 to raise about C$14.6m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
7 Apr 2015capital raising announcement● NeutralMajor
Closed a $16.4 million flow-through bought deal, 1,610,000 shares at $10.17 including the full over-allotment. Each successive flow-through round since 2012 has been priced lower - $21.85, then $11.17, then $12.00, now $10.17 - so the same money costs more shares each time.
What it means for a shareholder
1.6m new shares at C$10.17 to raise about C$16.4m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
22 July 2014capital raising announcement● NeutralMajor
Closed a $13.8 million flow-through bought deal, 1.15 million shares at $12.00 including the over-allotment, led by Canaccord Genuity. The third flow-through round in under two years, and the price has been roughly flat since the December 2013 round at $11.17 after halving from $21.85 in 2012.
What it means for a shareholder
1.1m new shares at C$12.00 to raise about C$13.8m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
10 Dec 2013capital raising announcement● NeutralMajor
Closed a $16.8 million bought deal of 1.5 million flow-through shares at $11.17, struck at a 22.5% premium to the previous close, again for exploration at KSM. The price tells the story of the intervening year: the November 2012 flow-through round was done at $21.85 a share.
21 Nov 2012capital raising announcement● NeutralMajor
Raised $24.0 million by selling 1,100,000 flow-through shares at an average $21.85 on a bought-deal basis through Stonecap, Macquarie and Cormark, with the money earmarked for exploration at KSM and Courageous Lake. Flow-through shares are sold at a premium in exchange for handing the tax deductions to the buyer, so the cash must be spent in the ground - the second equity raise in the cached record after Royal Gold's C$30 million placement of June 2011.
30 June 2011capital raising announcement▲ GoodMajor
Closed the Royal Gold partnership: 1,019,000 shares at C$29.44 for C$30 million, a 15% premium, plus Royal Gold's option over a 1.25% gold and silver royalty on KSM for a further C$100 million exercisable only once the project is permitted and financed. The largest single raise in Seabridge's record until the US$105 million bought deal of December 2020.
What it means for a shareholder
1.0m new shares at C$29.44 to raise about C$30.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
21 Apr 2006capital raising announcement● NeutralMajor
Closed a C$8.44 million placement of 875,000 shares at C$9.65, with insiders taking 205,000 of them - 161,500 through Pan Atlantic Bank and Trust, controlled by Albert D. Friedberg, then the largest shareholder. Friedberg entities are still buying Seabridge placements a decade later. Proceeds were for the Noche Buena acquisition and drilling.
21 Oct 2005capital raising announcement● Neutral
Closed the $5.0 million private placement.
3 Oct 2005capital raising announcement● Neutral
Arranged a $5.0 million private placement, the largest raise in the record to that point.
2 Mar 2005capital raising announcement● Neutral
Closed the $2.1 million flow-through financing for the Courageous Lake drill program.
8 Sept 2004capital raising announcement● Neutral
Raised $2.25 million in flow-through shares to fund exploration at Courageous Lake. The first financing in the record, and the template for two decades of them.