Business
Sigma Lithium Resources Upsizes Previously Announced Private Placement by 40% to C$42.0 million and Increases Offering Price by 10% to C$4.40
The Offering book comprises primarily of institutional investors, including leading global asset managers focused on ESG & sustainability Sigma was strongly sup
About this update from Sigma Lithium Corporation
[{"type":"text","content":" The Offering book comprises primarily of institutional investors, including leading global asset managers focused on ESG & sustainability Sigma was strongly supported by its current and new investors closely aligned in purpose with Sigma’s commitment to an ESG-centric strategy, resulting in significant levels of oversubscription in the Offering VANCOUVER, British Columbia, Feb. 05, 2021 (GLOBE NEWSWIRE) -- SIGMA Lithium Resources Corporation (“Sigma” or the “Company”) (TSXV: SGMA) (OTC-QB: SGMLF) is pleased to announce that, owing to strong global institutional investor interest, it has increased the size of its previously announced non-brokered private placement of common shares (the “Offering”) by 40%. The Company now intends to issue up to 9,545,455 common shares (compared with 7,500,000 common shares previously announced) at a 10% higher offering price of C$4.40 per share (compared with C$4.00 per share previously announced) for gross proceeds of up to C$42.0 million. The Offering book comprises primarily of institutional investors, including leading global asset managers focused on ESG & sustainability, therefore closely aligned in purpose with Sigma’s commitment to an ESG-centric strategy for the development of its Grota do Cirilo lithium project in Brazil (the “Project”). 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”, with the additional proceeds from the increased Offering size to further enhance Sigma’s financial flexibility ahead of the start of construction of Phase 1 of the Project. XP Investments US LLC, Cormark Securities Inc. and National Bank Financial Inc. acted as financial advisors to the Company and may receive finder’s compensation in respect of certain orders. This compensation will be comprised of (i) cash fees of up to 6% of the proceeds from subscribers introduced by finders 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 closing of the Offering). Other parties will also receive finder’s compensation in connect...