- Sabina Gold and Silver (SBB) has revealed its financial and operational results from its June quarter
- The company posted a net loss of C$1.2 million during the quarter, with work suspended for a period at its Goose mining camp
- Sabina did, however, manage to secure a bevy of investors during the quarter, issuing just over 22.2 million shares for proceeds of $60.7 million
- Operations at the Goose camp included extending the airstrip and building a ramp to develop the site’s underground mine
- Sabina Gold and Silver (SBB) is up 2.5 per cent and is trading at $2.22 per share
Sabina Gold and Silver (SBB) has unveiled the company’s June quarter operational and financial results.
During the quarter the company posted a net loss of C$1.2 million, compared to a $800,000 loss in 2019’s same quarter.
The bigger loss was driven, according to Sabina, by higher share-based payment compared to previous quarters.
At the end of the quarter, the company was sitting on cash and equivalents of $75.4 million.
During the quarter, the company secured itself a big investment as it offered 15.4 million shares in itself at a price of $2.00 per share.
It also offered 5.2 million charity flow through common shares at $2,68 per share alongside some 1.6 million super flow through charts shares at a price of $2.90 per share.This netted the company gross proceeds of $60.7 million.
The majority of the company’s operations were centred around the re-opening of its Goose camp, which included extending the airstrip and building a ramp to develop the site’s underground mine.
The company has stated that it is not able to reliably estimate the duration and severity of this pandemic, nor the potential impact it could have on the company’s operating activities and financial position.
Sabina Gold and Silver’s President and CEO Bruce McLeod said the company has been focused on preparing work plans for the remainder of 2020.
“I am pleased to report that camp was re-opened efficiently and is continuing to operate safely under these new protocols. Drilling began in early June with first results expected in the coming weeks,” he said.
Sabina Gold & Silver (SBB) is up 2.5 per cent and is trading at $2.22 per share at 1:00 pm EDT.