This financing was completed in Alberta, with Northern Securities Inc. acting as broker, and in Peru, with the lead broker being Grupo Privado de Inversiones - Valores S.A., Sociedad Agente de Bolsa (GPI Valores SAB).
The corporation issued five million 746,571 units at US$0.35 per unit, with each unit consisting of one common share and one common share purchase warrant.
Each warrant entitles the holder to subscribe for one additional share for US$0.55 for a period of one year from closing.
Sienna paid commissions of $140,791 and issued 402,260 broker warrants, each of which will entitle the holder to subscribe for one additional unit at the issue price for a period of one year from closing. All securities issued pursuant to this placement are restricted from trading until October 23, 2012.
In the beginning of June, Sienna announced it had undertaken, subject to regulatory approval, a private placement of up to 28,600,000 units at US$0.35 per Unit for gross proceeds of US$10.01 million.
Sienna Gold Inc. is a gold exploration company with property interests in Peru. Its key prospect is the Igor Mine Project, a formerly producing mine that the corporation plans to explore further.