Sabina Gold & Silver Corp.

Sabina Gold & Silver Corp.

November 26, 2009 16:07 ET

Sabina Gold & Silver Corp. Announces $6.35 Million "Bought Deal" Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 26, 2009) -


Sabina Gold & Silver Corp. (the "Corporation") (TSX:SBB) is pleased to announce that it has entered into an agreement with Dundee Securities Corporation and a syndicate of underwriters to purchase, on a bought deal basis, 5,000,000 flow-through common shares (the "Flow-Through Common Shares") at a price of $1.27 per Flow-Through Common Share for gross proceeds of $6,350,000. The underwriters also have the option to purchase for resale up to an additional 750,000 Flow-Through Common Shares on the closing date. The gross proceeds of the Flow-Through Common Shares shall be used for exploration of the Corporation's Nunavut projects. A cash commission of 6.0% will be paid on the gross proceeds raised in the offering.

The Flow-Through Common Shares to be sold under this offering will be offered by way of a private placement in the Provinces of British Columbia, Alberta, and Ontario.

The offering is scheduled to close on December 16, 2009 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange, and other applicable securities regulatory authorities. All securities issued will be subject to a four month hold period.

SABINA GOLD & SILVER CORP. is a Canadian public mineral exploration and development company with assets at the Hackett River silver, Back River gold and Wishbone projects in Nunavut, Canada and several projects in the Red Lake gold camp.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

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