This filing renews the shelf prospectus that had previously been filed and will allow Seabridge to make offerings of common shares up to an aggregate total of Cdn$100 million during the 25-month period that the base shelf prospectus remains effective.
The common shares may be offered separately or together, in amounts, at prices and on terms to be determined based on market conditions at the time of sale and set forth in an accompanying shelf prospectus supplement and, subject to applicable regulations, may include at-the-market distributions, public offerings or strategic investments.
After reviewing Seabridge’s disclosure documents in connection with its review of the preliminary base shelf prospectus filed by Seabridge in July, 2014, the Ontario Securities Commission required Seabridge to file revised versions of the KSM Pre-Feasibility Study report of June, 2012 and the Courageous Lake Pre-Feasibility Study report of September, 2012 in order to state the economic evaluation in each report on an after-tax basis.
The economic evaluation in those reports had been prepared on a pre-tax basis, which was considered customary at the time of their initial filing.
Accordingly, Seabridge has used the same capital and operating cost estimates contained in the original reports and has estimated the amount of the provincial mineral taxes payable on production from the projects and the provincial and federal corporate taxes payable on estimated profits from the projects and has incorporated those amounts into an after-tax economic evaluation. The Revised KSM Pre-Feasibility Study and the Revised Courageous Lake Pre-Feasibility have now been filed on SEDAR (available at www.sedar.com).
Since the filing of the initial version of the KSM PFS Report, Seabridge has also filed a Technical Report supporting an initial resource estimate for the Deep Kerr zone. The revised KSM PFS Report therefore also includes a summary of the Deep Kerr Resource Report.
