Business
Sigma Lithium Resources Announces Closing of C$42.0 million Private Placement of Common Shares
The Offering book was oversubscribed and comprised primarily of the current shareholders of the Company: global ESG-oriented institutional investors focused on
About this update from Sigma Lithium Corporation
[{"type":"text","content":" The Offering book was oversubscribed and comprised primarily of the current shareholders of the Company: global ESG-oriented institutional investors focused on the theme of battery materials & energy transition The Offering proceeds will be used to advance Phase 2 of Sigma’s Grota do Cirilo Project and enhance the Company’s financial flexibility during the construction of Phase 1 of the Project VANCOUVER, British Columbia, Feb. 12, 2021 (GLOBE NEWSWIRE) -- SIGMA Lithium Resources Corporation (“Sigma” or the “Company”) (TSXV: SGMA) (OTC-QB: SGMLF) is pleased to announce that it has closed its previously announced upsized non-brokered private placement of common shares (the “Offering”) and has issued 9,545,455 common shares at a price of C$4.40 per share (which is 10% above the initial indicated price) for gross proceeds of C$42.0 million. The Offering book was oversubscribed and comprised primarily of the current shareholders of the Company: global ESG-oriented institutional investors focused on the theme of battery materials & energy transition. The planned use of proceeds of the Offering is as set forth in the Company’s news release dated February 2, 2021 titled “Sigma Lithium Announces a C$30 Million Private Placement of Common Shares at C$4.00”, including the preparation of a definitive feasibility study and permitting for Phase 2 of the development of the Grota do Cirilo lithium project (the “Project”), further exploration drilling for Phase 3 of the Project and general corporate purposes. The additional proceeds from the previously announced increase in Offering size are to be used to further enhance Sigma’s financial flexibility during the construction of Phase 1 of the Project. Cormark Securities Inc. and National Bank Financial Inc. acted as financial advisors to the Company in connection with the Offering and received finder’s compensation in respect of certain orders from subscribers introduced by finders. This compensation was comprised of (i) cash fees of up to 6% of the proceeds and (ii) such number of warrants as is equal to up to 6% of the common shares purchased by such introduced subscribers (each such warrant entitling the finder to acquire one common share at an exercise price of C$4.40 per share and exercisable for one year after the closing of the Offering). Other parties also received finder’s...