Mining News: Northern Neighbors: Skeena increases funds for Spectrum

Skeena Resources Ltd. April 29 said a C$4-million financing announced in late April is heavily oversubscribed, triggering a decision to increase the private placement to C$6.5 million. The terms of the financing otherwise remain the same – each flow-through share will be priced at C8 cents per share and each non-flow-through share will be priced at C6 cents. Skeena will use the funds to advance its Spectrum gold property in northwestern British Columbia and general purposes. The company anticipates an early start to the drill season at Spectrum and is finalizing plans for a 10,000- to 12,000-meter drill program primary focused on the Central zone. Skeena also reported that it has received notice of a potential legal action from Eilat Exploration Ltd. with respect to a 2014 agreement related to the acquisition of Spectrum. Skeena has not received any formal notice of claim and says that, based on the potential claim as described by Eilat, its legal council considers Eliat’s claim to be without merit.

- Shane Lasley