Skeena Resources Announces C$64 Million Bought Deal Financing

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

VANCOUVER, British Columbia, May 16, 2023 (GLOBE NEWSWIRE) -- Skeena Resources Limited (TSX: SKE; NYSE: SKE) (“Skeena” or the “Company”) announced today that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets (the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on bought deal basis 8,700,000 common shares of the Company (the “Common Shares”) at a price of C$7.35 per Common Share, for total gross proceeds of approximately C$64 million (the “Offering”). The Company will also grant to the Underwriters an over-allotment option (the “Over-Allotment Option”) to purchase up to 1,305,000 additional Common Shares (the “Over-Allotment Shares”). The Over-Allotment Option will be exercisable for a period of 30 days following closing.

The Common Shares will be offered by way of a prospectus supplement (the “Supplement”) to the Company’s base shelf prospectus in all of the provinces of Canada, except the province of Quebec, and may also be offered by way of private placement in the United States.

The net proceeds of the Offering will be used for continued advancement of the Company’s Eskay Creek gold-silver project and for general corporate purposes.

The Offering is expected to close on or about May 24, 2023, and is subject to Skeena receiving all necessary regulatory approvals, including the approval of the Toronto Stock Exchange and the Common Shares having been approved for listing on the New York Stock Exchange.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The Common Shares being offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any state of the United States and may not be offered, sold or delivered, directly or indirectly, in the United States, absent registration or an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. 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 the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful.