Skeena Closes $30.9 Million Financing From Franco-Nevada
Skeena Resources (TSX: SKE) has closed its previously announced private placement. The firm indicated on Friday that it had closed the financing, which was fully subscribed to by Franco-Nevada (TSX: FNV).
The financing saw Franco-Nevada subscribe to 1.47 million flow through shares of the company, with each share being pegged at $21.00 per each. The firm as a result invested a total of $30.9 million in the junior explorer.
As part of the investment, the firm provided Franco-Nevada with the right of first refusal for a 0.5% NSR for the Eskay Creek project. An amendment to a previously entered royalty arrangement has also been modified to match the land covered under a separate royalty arrangement that Skeena currently has in place with Barrick Gold.
Funds from the financing are to be used for exploration expenditures on Skeena’s properties.
Skeena Resources last traded at $12.97 on the TSX.
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