B2Gold announced today that it has completed the previously announced plan of arrangement to acquire all of the issued and outstanding common shares of Sabina Gold & Silver Corp.
Under the terms of the arrangement, Sabina shareholders received 0.3867 B2Gold common shares per Sabina common share. In aggregate, B2Gold will issue approximately 216 million B2Gold shares under the arrangement.
According to a company statement, the arrangement results in B2Gold acquiring Sabina’s 100% owned Back River Gold District located in Nunavut, Canada, which consists of five mineral claims blocks along an 80 kilometre belt.
The company added that the most advanced project in the district, Goose, is fully permitted, construction ready, and has been de-risked with significant infrastructure currently in place.
“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,” said President and CEO Clive Johnson.
“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,” he added.
B2Gold is an international senior gold producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines and numerous exploration and development projects in various countries including Canada, Mali, Finland and Uzbekistan. B2Gold forecasts total consolidated gold production of between 1,000,000 and 1,080,000 ounces in 2023.