Sienna Closes First Tranche of Private Placement
Sienna Closes First Tranche of Private
Placement
Vancouver, British Columbia--(Newsfile Corp. - February 27, 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 21, 2023, it has completed the first tranche of its private placement
(the "
Offering
"), pursuant to which it issued an aggregate of 47,870,000 units (each, a "
Unit
") at a price
of $0.05 per Unit for aggregate gross proceeds of $2,393,500. 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 February 27, 2028.
The Company paid cash finder's fees of $134,000 and issued 2,646,000 non transferrable share
purchase warrants (the "
Finder's Warrants
") to certain finders as a finder's fee in connection with 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 February 27, 2025.
All securities issued in connection with the Offering are subject to a statutory hold period that expires on
June 28, 2023.
The aggregate gross proceeds from the sale 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.
Any questions regarding this placement or any eligible person interested in more information, please
contact President Jason Gigliotti directly at 604 646 6900 or
.
Jason Gigliotti, President of Sienna Resources Inc, states, "We are very pleased regarding the interest
we are receiving regarding this placement.
We will be able to move forward on multiple lithium projects
as well as be in great position to look at additional accretive projects.
Sienna is a large landholder in
Clayton Valley, Nevada.
The tiny Clayton Valley is home to the only producing lithium mine currently in
production in North America."
Recently, the Bureau of Land Management (BLM) has given Sienna approval for up to 4 additional holes
to be completed on the 100% owned Blue Clay Lithium Project in Clayton Valley, Nevada (See map
below).
On March 25, 2022, Sienna revealed a new lithium discovery on the 100% owned Blue Clay
Lithium Project in Clayton Valley, Nevada. Lithium values as high as 1230 ppm Li were encountered.
The Blue Clay Lithium Project consists of 150 contiguous claims totaling approximately 2,950 acres
prospective for lithium right in the heart of the Clayton Valley in Nevada, which is currently
home to the
only producing lithium region in North America.
Clayton Valley Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/854/156361_969ca85d44c0ea86_002full.jpg
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.
About Sienna Resources Inc.
Sienna is one of the larger landholders in Clayton Valley Nevada. Sienna's Clayton Valley projects
include the Blue Clay Lithium Project, the Silver Peak South Project, and the Clayton Valley Deep Basin
Lithium Project. The Clayton Valley is home to the only lithium production in North America, being
Albemarle Corp's Silver Peak deposit.
This project is also near Tesla Motors Inc.'s Gigafactory in
Nevada. On March 18, 2021, Schlumberger New Energy Venture announced the development of a
lithium extraction pilot plant through its new venture, NeoLith Energy in a strategic partnership with Pure
Energy. The deployment of the pilot plant will be in Clayton Valley, Nevada, USA. The NeoLith Energy
sustainable approach uses a differentiated direct lithium extraction (DLE) process to enable the
production of high-purity, battery-grade lithium material while reducing the production time from over a
year to weeks. Sienna also has the 'Marathon North Platinum-Palladium Property' in Northern Ontario
directly bordering Generation Mining Marathon Deposit.
Qualified Person:
Mr. Frank Bain, PGeo, a qualified person as defined by National Instrument 43-101 has reviewed and
approved the scientific and technical disclosure contained within this news release.
If you would like to be added to Sienna's email list, please email
for
information or join our twitter account at
@SiennaResources
.
Contact Information
Tel:
1.604.646.6900
Fax: 1.604.689.1733
www.siennaresources.com
"Jason Gigliotti"
President, Director
Sienna Resources Inc.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
press release.
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT
INTENDED FOR DISSEMINATION TO UNITED STATES NEWSWIRE SERVICES OR
DISSEMINATION IN THE UNITED STATES.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/156361