Skeena Resources Closes C$34.5 Million Bought Deal Offering of Common Shares
Skeena Resources Closes C$34.5 Million Bought Deal Offering of Common Shares
Vancouver, BC (September 23, 2022) Skeena Resources Limited (TSX: SKE; NYSE: SKE)
(“Skeena” or the “Company”) today announced the closing of the previously announced bought
deal offering of 5,702,479 common shares of the Company (the “Common Shares”) at a price of
C$6.05 per Common Share (the "Offering Price") for gross proceeds of C$34,499,997 (the
"Offering"), and whi ch includes the exercise in full by the underwriters of their over -allotment
option to purchase up to an additional 743,801 Common Shares at the Offering Price.
The Common Shares are offered by way of a prospectus supplement to the Company’s base
shelf prospectus in all of the provinces of Canada, except the province of Québec, and are offered
in the United States pursuant to the Company’s registration statement on Form F -10 (File No.
333-267434) filed under the multi -jurisdictional disclosure system adopted by the United States
and Canada, and on a private placement basis in certain jurisdictions outside Canada and the
United States pursuant to applicable prospectus exemptions.
Raymond James Ltd. acted as sole bookrunner for the Offering, on behalf of a syn dicate of
underwriters which includes BMO Nesbitt Burns Inc., Clarus Securities Inc., Canaccord Genuity
Corp., and RBC Dominion Securities Inc. (collectively, the "Underwriters").
The net proceeds of the Offering will be used by the Company to exercise its right (subject to the
terms and conditions of the Company’s buy-back rights) to buy down a 0.5% NSR royalty currently
held by Barrick Gold Corporation, for a payment of C$17.5mm, as well as general administration
and corporate purposes.
No securities regulatory authority has either approved or disapproved of the contents of this news
release. This news release shall not constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of these securities in any province, state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the registration or qualification under the
securities laws of any such province, state or jurisdiction.
About Skeena
Skeena Resources Limited is a Canadian mining exploration and development company focused
on revitalizing the past-producing Eskay Creek gold-silver mine located in Tahltan Territory in the
Golden Triangle of northwest British Columbia, Canada. The Company released a Feasibility
Study for Eskay Creek in September 2022 which highlights an open-pit average grade of 4.00 g/t
AuEq, an after-tax NPV5% of C$1.4B, 50% IRR, and a 1 -year payback at US$1,700/oz Au and
US$19/oz Ag. Skeena is currently continuing exploration drilling at Eskay Creek.
On behalf of the Board of Directors of Skeena Resources Limited,
Walter Coles Jr.
CEO & Director
NR: 22-20 | September 23, 2022
Contact Information
Investor Inquiries: [email protected]
Office Phone: +1 604 684 8725
Qualified Persons
In accordance with NI 43 -101, Paul Geddes, P.Geo., Senior Vice President Exploration and
Resource Development, is the Qualified Person for the Company and has reviewed and approved
the technical and scientific content of this news release. The Company strictly adheres to CIM
Best Practices Guidelines in conducting, documenting, and reporting the exploration activities on
its projects.
Cautionary note regarding forward-looking statements
Certain statements and information contained or incorporated by refere nce in this news release constitute “forward -
looking information” and “forward -looking statements” within the meaning of applicable Canadian and United States
securities legislation (collectively, “forward-looking statements”). These statements relate to future events or our future
performance. The use of words such as “anticipates”, “believes”, “proposes”, “contemplates”, “generates”, “targets”, “is
projected”, “is planned”, “considers”, “estimates”, “expects”, “is expected”, “potential” and similar expres sions, or
statements that certain actions, events or results “may”, “might”, “will”, “could”, or “would” be taken, achieved, or occur,
may identify forward -looking statements. All statements other than statements of historical fact are forward -looking
statements. Specific forward-looking statements contained herein include, but are not limited to, statements regarding
the intended use of proceeds, revitalization of Eskay Creek and results of the Feasibility Study. Such forward-looking
statements are based on material factors and/or assumptions which include, but are not limited to, the estimation of
mineral resources and reserves, the realization of resource and reserve estimates, metal prices, taxation, the
estimation, timing and amount of future exploration and development, capital and operating costs, the availability of
financing, the receipt of regulatory approvals, environmental risks, title disputes and the assumptions set forth herein
and in the Company’s MD&A for the year ended December 31, 2021, its most recently filed interim MD&A, and the
Company’s Annual Information Form (“AIF”) dated March 31, 2022. Such forward -looking statements represent the
Company’s management expectations, estimates and projections regarding future events or circumstances on the date
the statements are made, and are necessarily based on several estimates and assumptions that, while considered
reasonable by the Company as of the date hereof, are not guarantees of future performance. Actual events and results
may differ materially from those described herein, and are subject to significant operational, business, economic, and
regulatory risks and uncertainties. The risks and uncerta inties that may affect the forward -looking statements in this
news release include, among others: the inherent risks involved in exploration and development of mineral properties,
including permitting and other government approvals; changes in economic con ditions, including changes in the price
of gold and other key variables; changes in mine plans and other factors, including accidents, equipment breakdown,
bad weather and other project execution delays, many of which are beyond the control of the Company; environmental
risks and unanticipated reclamation expenses; and other risk factors identified in the Company’s MD&A for the year
ended December 31, 2021, its most recently filed interim MD&A, the AIF dated March 31, 2022, and in the Company’s
other periodic filings with securities and regulatory authorities in Canada and the United States that are available on
SEDAR at www.sedar.com or on EDGAR at www.sec.gov.
Readers should not place undue reliance on such forward-looking statements. Any forward-looking statement speaks
only as of the date on which it is made and Company does not undertake any obligations to update and/or revise any
forward-looking statements except as required by applicable securities laws.
Cautionary note to U.S. Investors concerning estimates of mineral reserves and mineral resources
Skeena’s mineral reserves and mineral resources included or incorporated by reference herein have been estimated
in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) as required
by Canadian securities regulatory authorities, which differ from the requirements of U.S. securities laws. The terms
“mineral reserve”, “proven mineral reserve”, “probabl e mineral reserve”, “mineral resource”, “measured mineral
resource”, “indicated mineral resource” and “inferred mineral resource” are Canadian mining terms as defined in
accordance with NI 43 -101 and the Canadian Institute of Mining, Metallurgy and Petrole um (“CIM”) “CIM Definition
Standards – For Mineral Resources and Mineral Reserves” adopted by the CIM Council (as amended, the “CIM
Definition Standards”). These standards differ significantly from the mineral property disclosure requirements of the
U.S. Securities and Exchange Commission in Regulation S-K Subpart 1300 (the “SEC Modernization Rules”). Skeena
is not currently subject to the SEC Modernization Rules. Accordingly, Skeena’s disclosure of mineralization and other
technical information may differ significantly from the information that would be disclosed had Skeena prepared the
information under the standards adopted under the SEC Modernization Rules.
In addition, investors are cautioned not to assume that any part or all of Skeena’s mineral reso urces constitute or will
be converted into reserves. These terms have a great amount of uncertainty as to their economic and legal feasibility.
Accordingly, investors are cautioned not to assume that any “measured”, “indicated”, or “inferred” mineral resou rces
that Skeena reports are or will be economically or legally mineable. Further, “inferred mineral resources” have a great
amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be
assumed that all or any part of an “inferred mineral resource” will ever be upgraded to a higher category. Under
Canadian securities laws, estimates of “inferred mineral resources” may not form the basis of feasibility or prefeasibility
studies, except in rare cases where permitted under NI 43-101.
For these reasons, the mineral reserve and mineral resource estimates and related information presented herein may
not be comparable to similar information made public by U.S. companies subject to the reporting and dis closure
requirements under the U.S. federal securities laws and the rules and regulations thereunder.