Business
Sienna Closes Second Tranche of Private Placement
Vancouver, British Columbia--(Newsfile Corp. - March 28, 2023) - Sienna Resources Inc. (TSXV: SIE...
About this update from Sienna Resources Inc
[{"type":"text","content":"Sienna Closes Second Tranche of Private PlacementVancouver, British Columbia--(Newsfile Corp. - March 28, 2023) - Sienna Resources Inc. (TSXV: SIE) (OTC Pink: SNNAF) (FSE: A1XCQ0) (\"Sienna\" or the \"Company\") is pleased to announce that, further to its News Release dated February 27, 2023, it has completed the second tranche of its private placement (the \"Offering\"), pursuant to which it issued an aggregate of 10,280,000 units (each, a \"Unit\") at a price of $0.05 per Unit for aggregate gross proceeds of $514,000. Each Unit is comprised of one common share (each, a \"Share\") and one transferrable share purchase warrant (each, a \"Warrant\"). Each Warrant entitles the holder thereof to acquire one Share (each, a \"Warrant Share\") at a price of $0.08 per Warrant Share until March 27, 2028. The Company paid cash finder's fees of $17,430 and issued 348,600 non transferrable share purchase warrants (the \"Finder's Warrants\") to certain finders as a finder's fee in connection with the second tranche of the Offering. Each Finder's Warrant entitles the holder thereof to acquire one Share (each, a \"Finder's Warrant Share\") at a price of $0.08 per Finder's Warrant Share until March 27, 2025. All securities issued in connection with the second tranche of the Offering are subject to a statutory hold period that expires on July 28, 2023.The aggregate gross proceeds $2,907,500 from the sale of the first tranche and the second tranche of the Offering are expected to be used towards drilling on current projects and general working capital. The Offering is subject to final approval of TSX Venture Exchange.None of the securities issued have been registered under the United States Securities Act of 1933, as amended (the \"1933 Act\"), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful. Jason Gigliotti, President of Sienna Resources Inc. states, \"We want to thank our shareholders for their support. We are now in the best financial position in the Company's history. This financing will allow Sienna to work on all of our...