Business
Sigma Lithium Announces an Investment by Funds and Accounts Managed by BlackRock of C$ 64.2 million, Further Upsizing by 60% its Previously Announced Private Placement to C$136.7 million
VANCOUVER, BC, Dec. 17, 2021 /PRNewswire/ -- Sigma Lithium Corporation (NASDAQ: SGML, TSXV: SGML) ("Sigma Lithium" or the "Company") is pleased to announce
About this update from Sigma Lithium Corporation
[{"type":"text","content":"VANCOUVER, BC, Dec. 17, 2021 /PRNewswire/ -- Sigma Lithium Corporation (NASDAQ: SGML, TSXV: SGML) (\"Sigma Lithium\" or the \"Company\") is pleased to announce that, funds and accounts managed by BlackRock (\"BlackRock\") will make an additional total investment in the Company of approximately C$64.2 million. This additional investment increases the size of its previously announced non-brokered private placement of common shares (the \"Offering\") to approximately C$136.7 million. \n\n \n \n \n \n \n \n\n \nThe Company now intends to issue from treasury a total of approximately 11,634,137 common shares of the Company (\"Common Shares\") (compared with approximately 7,234,042 Common Shares previously announced), to be issued at the previous announced price of C$11.75 per Common Share (the \"Issue Price\") for anticipated aggregate gross proceeds of approximately C$136.7 million (compared with C$85 million previously announced). \nThe Company, which is dedicated to powering the next generation of electric vehicle batteries with environmentally sustainable and high-purity lithium, expects to use the net proceeds of the Offering, at the sole discretion of the Company, as follows: \nTo fully-fund the construction of its phase 1 production plant and mine, To further development of phases 2 and 3 of its wholly owned Grota do Cirilo Project, and For general corporate purposes. BlackRock is expected to invest C$64,224,994 (or approximately US$50,000,000) representing approximately 5.5% of the issued and outstanding Common Shares following completion of the Offering and the Secondary Transaction (as defined below). The material terms of BlackRock's investment are as follows: \nPrimary Investment: As part of the Offering BlackRock has agreed to purchase 4,372,766 Common Shares to be issued from treasury of the Company at the Issue Price for an aggregate subscription price of approximately C$51,380,000. Secondary Transaction: BlackRock has also agreed to purchase 1,093,191 Common Shares at the Issue Price from the largest shareholder of the Company, A10 Investimentos Fundo de Investimento de Ações – Investimento No Exterior (the \"A10 Fund\") for an aggregate purchase price to A10 Fund of C$12,844,994 (the \"Secondary Transaction\"), representing 2.25% of A10 Fund's shares in Sigma Lithium. In connection with the investment, BlackRock has a...