Skeena Resources Ltd (USOTC: SKREF) (TSX: SKE) updated 11-17-2020
Market Cap: $295.24M (USD) Share Price: $1.87 (USD)
Shares outstanding: 152,971,913
Cash: 44.72 M (CAD) as of 30 June 2020. Further $46 million CAD raised in November
Debt: No Long-term debt
Current operations: No (but is extensive drilling from eight drill rigs)
Insiders: Nil 14 institutions own approx. 36% of shares
CEO: Walter Coles HQs: Vancouver, BC, Canada
The company is developing the past-producer Eskay Creek mine in British Columbia, Canada
On 17 Nov 2020, Skeena closed its offering to sell $46 Million (CAD) of shares (19.574,468 at C$2.35)
Proceeds to be used to fund exploration and development activities at the Eskay Creek Project, Snip Gold Project and for general administrative and corporate purposes
Barrick Gold currently owns 12.4% of the outstanding shares
The company has had some recent promising drill reports:
- As noted in my last report on this company, I like the high-grade open-pit Eskay Creek property and the deal that Walter Coles did to acquire it from Barrick, and the fact Barrick has retained a significant interest.
- Drill results this quarter have been impressive.
- I was impressed with their presentation at the Sprott Symposium in July and bought a small position. I presently hold a +2.47% portfolio weighting.
- The price at US$1.87 is quite attractive today, with a +33% potential upside in 3 to 4 months.