Vancouver, British Columbia--(Newsfile Corp. - July 2, 2019) - Sienna Resources (TSXV: SIE) (FSE: HRJ1) (OTC Pink: HBNRF) (the "Company") has closed a non-brokered private placement consisting of 8,570,000 units at five cents per unit for gross proceeds of $428,500. Each unit consists of one common share of the Company and one transferable share purchase warrant, exercisable at five cents per share until July 2, 2024. An aggregate finders' fee of $10,000 and 200,000 Broker Warrants were paid in connection with the private placement. The Broker Warrants are each exercisable at five cents per share until July 2, 2024. All the securities issued in connection with this private placement have a hold period that expires on November 3, 2019. Proceeds will be used towards the Company's working capital. The private placement is subject to final approval of the TSX Venture Exchange and was originally announced on June 24, 2019. Please refer to that news release.
Jason Gigliotti, President of Sienna, states, "We are pleased to close this placement, as it was filled by existing shareholders only. We are expecting to commence drilling on our flagship Slattberg Nickel-Copper-Cobalt Project shortly and expect a very active second half of 2019."
The Company has granted three million incentive stock options to directors and officers at an exercise price of 7.5 cents per share for a period of 12 months. The options have been granted in accordance with the Company's stock option plan.
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Sienna Resources Inc.
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