Sienna Resources Closes Oversubscribed Private Placement Raising $2.5 Million- Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - January 23, 2018) - Sienna Resources (TSXV: SIE) (FSE: HRJ1) (OTC Pink: SNNAF) has closed an oversubscribed private placement. The non-brokered private placement raised gross proceeds of $2.5 million from the placement of 12.5 million units priced at $0.20 per unit, with each consisting of 1 share and 1 transferable warrant, with the warrant exercisable at $0.30 for 60 months.
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Proceeds will be used for working capital, loans payable, and planned work programs, including drilling in Sweden.
Jason Gigliotti, President, stated: "We are very pleased to have such a strong interest in the placement as we had orders for significantly more than we closed. We thought it was prudent to only take $2.5 million to keep the share structure intact. We expect to be on the ground in Sweden this month with a full scale drill program planned for the first quarter. We are very optimistic about the prospects in Sweden and look forward to getting boots on the ground immediately. Cobalt prices are at 10 year highs and demand for ethically sourced cobalt has never been higher. We want to thank our placement subscribers for their continued strong support of Sienna."
The company recently received TSX Venture Exchange approval for the exploration and option agreement to acquire the Slättberg Cobalt-Nickel-Copper Project in Sweden. The project, consisting of two adjacent exploration permits comprising approximately 9,513 contiguous acres, is located 25 kilometres northwest of Falun, Sweden.
Slättberg is a historic mining camp hosting cobalt-nickel-copper rich massive sulphide mineralization that occurs within a two kilometre belt of historic nickel-copper mines. The project contains drill defined massive sulphide mineralization extending to approximately 100 metres in depth, remaining open for expansion at depth and along strike. The project is accessible year round, with nearby rail, power and 5 smelters in the Nordic region.
At least 12 historic mines are located on the property, with historic operations dating back to the late 1880s. These historic mines are positioned along an east-west trend of massive sulphide occurrences, developed in and around a similarly oriented body of "leptite", a local term used to describe rocks commonly associated with sulfide mineralization in Bergslagen.
Sweden, with a long history of mining and host to some of Europe's largest active mines, is at the forefront of an exploration and development boom in the mining industry. The country's favorable business environment includes a low corporate income tax rate, a proactive geological survey, and broad public support for expert led resource extraction.
With Europe rapidly moving towards electrification, Sweden has a unique position to establish large-scale battery production to support this transition with its clean and affordable energy, proximity to raw materials, and a strong industrial tradition.
There are now more than 20 mega battery factories currently being planned or constructed globally, creating a massive demand for battery metals such as lithium, cobalt and nickel. Northvolt recently announced plans to build Europe's biggest electric car battery factory in its home country, Sweden. It is expected to be larger than Tesla's 'Gigafactory' in the US and LG Chem's proposed site in Poland.
For more information, please visit the company's website at www.siennaresources.com, contact Jason Gigliotti, President, at 604-646-6900 or email info@siennaresources.com.
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