B2Gold Corp Company announced that it has completed its previously announced plan of arrangement to acquire all of the issued and outstanding common shares of Sabina Gold & Silver Corp. The announcement was made in a press release issued on 19 April 2023 from its headquarters in Vancouver, Canada.
This arrangement allows B2Gold to acquire Sabina’s 100% owned Back River Gold District located in Nunavut, Canada. The Back River Gold District consists of 5 claim blocks along an 80 kilometre belt. The most advanced project in the district, Goose, is fully permitted, ready for construction, and has been de-risked with significant infrastructure in place. B2Gold’s management team has the strong northern construction expertise and experience to deliver the fully permitted Goose project, as well as the financial resources to develop the Back River Gold District’s significant gold resource into a large, long-life mining complex.
“The closing of the acquisition of Sabina and the Back River Gold District represents an important milestone for B2Gold as we continue to build a responsible, low-cost senior gold mining company. We are delighted to add a high-grade, high-quality gold project in a leading mining jurisdiction to our global portfolio, and we are excited to welcome the exceptional Sabina team to B2Gold. We also look forward to working with the Kitikmeot Inuit Association and local communities to advance the construction of the Goose Project and our development strategy,” said Clive Johnson, President and CEO of B2Gold. “As we continue to build the Goose Project and move towards the start of production in 2025, our exploration program will also begin immediately. Our goal is to better define the untapped potential of the Back River Gold District and unlock the significant value we see and opportunities for growth.”
Under the terms of the arrangement, Sabina shareholders received 0.3867 common shares of B2Gold (“B2Gold Shares”) for each common share of Sabina. In total, B2Gold will issue approximately 216 million B2Gold shares in connection with the arrangement.
The common shares of Sabina are expected to be delisted from the TSX and the OTCQX at the close of business on 21 April 2023. Following delisting, B2Gold intends to apply to cease to be a reporting issuer under applicable Canadian securities laws. B2Gold is a low-cost international senior gold producer headquartered in Vancouver, Canada. Founded in 2007, B2Gold now has operating gold mines in Mali, Namibia and the Philippines, as well as numerous exploration and development projects in countries including Canada, Mali, Finland and Uzbekistan. B2Gold is the company that sold the Kiaka licence to West African Resources.
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