Business Context and Reporting Period
This Form 6-K filing by Seabridge Gold Inc. covers the month of April 2006, with the report dated April 7, 2006. The filing serves to disclose a material event regarding a private placement financing arrangement announced on April 4, 2006.
Key Financial Metrics
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, margins, or debt levels. The primary financial data disclosed relates to a specific financing transaction:
- Financing Amount: Cdn$8,443,750
- Instrument: 875,000 common shares
- Price per Share: Cdn$9.65
- Insider Subscription: 205,000 shares (including 161,500 shares by Pan Atlantic Bank and Trust Ltd.)
Material Changes
The material change reported is the arrangement of a private placement financing. The closing of this financing is subject to regulatory approval and the completion of final documentation. There are no commissions or finder's fees payable on this transaction.
Outlook, Management Commentary, and Risks
Use of Proceeds: Management intends to use the proceeds for the acquisition of the Noche Buena gold project and for general working capital requirements.
Restrictions: The shares issued under this private placement are subject to a four-month hold period.
Risks/Contingencies: The transaction is contingent upon regulatory approval and the finalization of documentation.
Investor Verification Checklist
- Confirm the regulatory approval status and closing date of the Cdn$8.44 million private placement.
- Verify the details of the Noche Buena gold project acquisition referenced in the April 3, 2006 news release.
- Monitor the impact of the 875,000 new shares on existing shareholder dilution once the hold period expires.
- Review the beneficial ownership structure of Pan Atlantic Bank and Trust Ltd. and its relationship to Albert D. Friedberg.