Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Seabridge Gold (AMEX: SA) jumped as much as 12% today after the company announced a private placement of shares.

So what: Royal Gold will make a private placement investment in Seabridge for 1.019 million shares at $30.39 per share, a premium to yesterday's price. It will also be given a C$100 million option to acquire a 1.25% royalty on all gold and silver from the KSM project.

Now what: The share sale funds will be used to optimize the KSM project while the company looks for a buyer or partner in the project. Investors were giddy about the news early in the day, but shares tailed off later in the day and are up just 6% as of this writing. Long term, I have to agree with Motley Fool Alpha , which thinks this stock has further to run once milestones of the KSM project are cleared.

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This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.