Sienna Resources closes $2.5M placement

Jan 22, 2018

2018-01-22 07:00 ET – News Release

Mr. Jason Gigliotti reports

SIENNA RESOURCES INC. CLOSES OVERSUBSCRIBED PLACEMENT OF $2.5 MILLION FOR COBALT PROJECT DEVELOPMENT

Sienna Resources Inc. has closed a non-brokered private placement consisting of 12.5 million units at 20 cents per unit for gross proceeds of $2.5-million. Each unit consists of one common share of the Company and one transferable share purchase warrant, exercisable at 30 cents per share until January 16, 2023. An aggregate finders’ fee of $98,800 and 494,000 Broker Warrants was paid in connection with the private placement. The B Warrants are each exercisable at $0.30 per share until January 16, 2023. All the securities issued in connection with this private placement have a hold period that expires on May 17, 2018. Proceeds will be used toward the Company’s working capital, loans payable and the planned work programs, including drilling in Sweden. The private placement is subject to final approval of the TSX Venture Exchange and was originally announced on December 18, 2018, and increased on January 4, 2018. Please refer to those news releases.

Jason Gigliotti President of Sienna Resources states, “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.”

About Sienna Resources Inc.:

Recently Sienna received TSX Venture approval to go forward into an exploration and option agreement to acquire the Slattberg Cobalt-Nickel-Copper Project in Sweden (the “Project”). The Project consists of two adjacent exploration permits comprising approximately 9513 contiguous acres.

Jason Gigliotti president of Sienna states, “We are very pleased to receive approval for this exciting cobalt-nickel-copper prospect. Cobalt prices have just crossed fresh ten year highs, and we look forward to advancing this prospect. There are 12 historic mines on this property and with modern mining approaches, we are very optimistic about what this project could contain.”

http://siennaresources.com/news/