B2Gold Corp. is pleased to announce that it has completed the previously announced plan of arrangement to acquire all issued and outstanding common shares of Sabina Gold & Silver Corp.
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The arrangement results in B2Gold purchasing Sabina’s 100% ownership of the Back River Gold District in Nunavut, Canada. The Back River Gold District is made up of five mining claim blocks that stretch over 80 km.
Goose, the district’s most advanced project, is completely approved, construction ready, and has been de-risked with considerable infrastructure already in place.
The management team of B2Gold has the financial resources to turn the enormous gold resource endowment in the Back River Gold District into a significant, long-lasting mining complex. They also have strong northern construction expertise to build the fully authorized Goose project.
The closing of the acquisition of Sabina and the Back River Gold District represents a milestone for B2Gold as we continue to build a low-cost responsible senior gold mining company. We are excited to add such a high-quality, high grade gold project in a top mining jurisdiction to our global portfolio, and we are thrilled to welcome the exceptional Sabina team into B2Gold. We also look forward to working with the Kitikmeot Inuit Association and local communities as we advance the construction of the Goose project and our development strategy.
Clive Johnson, President and Chief Executive Officer, B2Gold Corp.
Johnson added, “As we continue with the construction of the Goose project and move toward commencement of production in 2025, our exploration program will also start immediately. We aim to further define the Back River Gold District’s untapped potential and unlock the significant value we see and opportunities for growth.”
According to the terms of the arrangement, each Sabina common share was exchanged for 0.3867 B2Gold common shares. B2Gold will distribute a total of 216 million B2Gold Shares under the arrangement.
At market close on April 21st, 2023, the Sabina common shares are expected to be delisted from the TSX and the OTCQX. Following the delisting, B2Gold will remove Sabina as a reporting issuer under applicable Canadian securities laws.