Sienna Resources closes $2M private placement
Sienna Resources closes $2M private placement
2020-08-17 13:36 ET - News Release
Mr. Jason Gigliotti reports
SIENNA RESOURCES INC. CLOSES OVERSUBSCRIBED PLACEMENT OF $2,000,000
Sienna Resources Inc. has closed an oversubscribed non-brokered private placement for gross proceeds of $2-million.
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 Aug. 14, 2025. An aggregate finder's 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 Aug. 14, 2025. All the securities issued in connection with this private placement have a hold period that expires on Dec. 15, 2020. Proceeds will be used toward 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.
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