FCMI Parent Co.

October 28, 2015 19:21 ET

FCMI Parent Co. Announces Acquisitions of Seabridge Shares

TORONTO, ONTARIO--(Marketwired - Oct. 28, 2015) - FCMI Parent Co., an affiliate of FCMI Financial Corporation (FCMI), intends to sign a subscription agreement to purchase 1,500,000 common shares (Shares) of Seabridge Gold Inc. (Seabridge) at a price of $8.10 per share for gross proceeds of $12,150,000. The Shares will be purchased from treasury as part of a previously announced non-brokered private placement by Seabridge which is expected to be completed on October 30, 2015.

Since the date of its last filing, FCMI Parent Co. together with FCMI and Pan Atlantic Bank and Trust Limited, have acquired an aggregate of 1,926,224 Shares of Seabridge representing 3.84% of the outstanding Shares. The acquisitions took place through a series of transactions on the facilities of the Toronto Stock Exchange and the New York Stock Exchange. As a result of these acquisitions, FCMI Parent Co., which owns all of the shares of FCMI, beneficially owns 212,182 Shares representing 0.004% of the outstanding Shares. FCMI Financial Corporation beneficially owns 1,444,042 Shares representing 2.88% of the outstanding Shares. Pan Atlantic Bank and Trust Limited, which is owned by FCMI Financial Corporation, beneficially owns 6,254,432 Shares representing 12.44%. In addition, principals of the Friedberg Mercantile Group Ltd., including Albert D. Friedberg and Nancy Friedberg, and their foundations beneficially own 322,525 Shares representing 0.65% of the outstanding Shares. FCMI Parent Co. is ultimately beneficially owned and controlled by Albert D. Friedberg and members of his immediate family. Together, FCMI Parent Co. and these affiliates beneficially own 16.38% of the outstanding Shares.

After giving effect to the proposed private placement, FCMI Parent Co. will beneficially own 1,712,182 Shares representing 3.29% of the outstanding Shares. FCMI Financial Corporation will beneficially own 1,444,042 Shares representing 2.77% of the outstanding Shares. Pan Atlantic Bank and Trust Limited will beneficially own 6,254,432 Shares representing 12.01% and principals of the Friedberg Mercantile Group Ltd., including Albert D. Friedberg and Nancy Friedberg, and their foundations will beneficially own 322,525 Shares representing 0.62% of the outstanding Shares. FCMI Parent Co. is ultimately beneficially owned and controlled by Albert D. Friedberg and members of his immediate family. Together, FCMI Parent Co. and these affiliates will beneficially own 18.69% of the outstanding Shares upon completion of the proposed private placement.

The Shares are being acquired for investment purposes only. FCMI Parent Co. or its affiliates may acquire or dispose of Shares or other securities of Seabridge in the future depending, among other factors, on market conditions and may enter into monetization transactions involving all or part their holdings in Seabridge.

Contact Information

  • For further information or to obtain copy of
    the early warning report filed by FCMI Parent Co.:
    Dan Scheiner
    (416) 350-2924