Sienna Resources has closed an oversubscribed non-brokered private placement for gross proceeds of $2,000,000.
Jason Gigliotti, President of Sienna Resources stated, “We are very pleased regarding the overwhelming response we received for this placement. We are now fully funded to explore the main projects within the company’s asset base. We plan to commence operations on multiple projects in the coming weeks at a time when commodity prices have broken out and the junior market is as buoyant as it has been in many years. We are very optimistic about how the second half of 2020 will be for the company and our shareholders.”
Each unit consists of one common share of the Company and one transferable share purchase warrant, exercisable at eight cents per share until August 14, 2025. An aggregate finders’ fee of $76,600 and 1,532,000 Broker Warrants were paid in connection with the private placement. The Broker Warrants are each exercisable at eight cents per share until August 14, 2025. All the securities issued in connection with this private placement have a hold period that expires on December 15, 2020. Proceeds will be used towards the Company’s working capital, and the planned work programs. The private placement is subject to final approval of the TSX Venture Exchange and was originally announced on July 23, 2020. Please refer to that news release.
None of the securities sold in connection with the private placement will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. 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 securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Sienna Resources Inc.
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