Seabridge Gold acquires four million shares of Banks Island Gold

The move was taken upon entering into an option agreement with Banks Island in respect of Seabridge Gold’s Red Mountain Project which is located in British Columbia, Canada.

The common shares held by Seabridge Gold represent about 15.4% of the outstanding shares of Banks Island.

The gold firm has acquired the shares as part of the initial payment due under its option agreement with Banks Island.

Under the terms of the option agreement, Banks Island may acquire 100% of Seabridge Gold’s interest in the Red Mountain Project near Stewart, British Columbia and the Lake gold project located in Canada’s Northwest Territories.

Banks Island will pay $450,000 and issue Seabridge Shares upon signing the agreement and make a further $11.45m in staged payments before 3 February 2015.

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