The company had arranged the placement last month, at C$17.16 per share - a 27.1% premium to the previous day's closing price - designed to raise C$17.16 million.

However it closed the increased financing on Friday, saying the full over-allotment was taken, raising $19.7 million (US$15.3 million).

Chairman and CEO Rudi Fronk said the proceeds would be used to follow up the "tremendous success" at KSM's Iron Cap deposit, where the company recently announced increases to its inferred resources, of 302% to 20 million ounces of gold and of 379% to 8.6 billion pounds of copper.

"As in previous years, we are confident that this year's programme should add sufficient resource ounces of gold to more than offset the share issuances from this financing," Fronk said.

It had raised C$41 million (US$32 million) from three financings during 2017 and ended the year with $19.6 million (US$15.26 million) in working capital.

In Seabridge's annual report released this month, Fronk said the primary objective for 2018 was to complete a joint venture agreement for KSM with a suitable partner, while retaining a significant interest in a future mine.

"Due to the size and complexity of the KSM project, we think the landscape of potential partners is limited to no more than 10 major gold and base metal companies," he said.

Fronk said Seabridge had received but not accepted two proposals for KSM from major companies during 2017.

Seabridge shares closed up C7c on Friday to $13.68 but are down 4.13% year-to-date, valuing it at $791.7 million.