On March 28, 2023, Snowline Gold Corp. completed a non-brokered private placement of 3,941,048 flow-through common shares at a price of $4.862 per share for aggregate gross proceeds of approximately $19.2 million and strategic investment by B2Gold Corp.
The offering was structured as a charity donation arrangement pursuant to which B2Gold acquired 3,941,048 common shares of Snowline Gold. The common shares purchased by B2Gold, combined with 3,000,000 common shares of Snowline Gold recently acquired by B2Gold on the open market, represent a total position of approximately 5.0% of the issued and outstanding common shares of Snowline Gold upon completion of the offering.
Concurrently, Snowline Gold and B2Gold entered into an investor rights agreement pursuant to which B2Gold has been granted a right to maintain its pro rata interest in Snowline Gold in connection with future equity financings.
Cassels acted for Snowline Gold.