Vancouver, British Columbia--(Newsfile Corp. - January 8, 2018) - Sienna Resources (TSXV: SIE) (FSE: A1XCQ0) (OTC Pink: SNNAF) is increasing the size of its recently announced non-brokered private placement. The company is now looking to raise gross proceeds of up to $2.5 million from the sale of up to 12,500,000 units priced at $0.20 per unit, with each unit consists of one share and one transferable warrant, with the warrant exercisable at $0.30 for 60 months.
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In addition to accredited investors, the offering is open to current shareholders. The company is also relying on other Securities Commission exemptions allowing non-accredited investors to purchase the private placement provided they have obtained advice from a registered investment dealer.
The company received TSX Venture Exchange 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.
Jason Gigliotti, President, stated: "We are very pleased to receive approval for this exciting cobalt-nickel-copper prospect. Cobalt prices have just crossed fresh nine year highs as of yesterday, 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. We expect to be drilling early 2018 as the project is drill ready now."
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.
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. 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.
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.
The shares are trading at $0.29 and with 39.9 million shares outstanding, the company is capitalized at $11.6 million.
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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