Sigma Lithium Raises $136.7 Million Via Financing, Blackrock Takes 5.5% Stake
Sigma Lithium (TSXV: SGML) has closed its latest financing, raising substantially more funds than it initially set out to raise. The firm managed to raise gross proceeds of $136.7 million through two concurrent financings.
The figure raised by the company is significant, given they initially set out to raise just $60 million via a non-brokered private placement. However, demand for lithium is evidently high, with the company twice upsizing the financing to enable additional investors to participate in the offering.
A total of 11.6 million common shares of the company were sold under the offerings, at a price of $11.75 per share.
Included among the participants of the financing is BlackRock, whom invested a total of $64.2 million, a figure larger than the initial financing set out to be. The firm now has a 5.5% stake in Sigma, having purchased 4.4 million shares under the primary offering and acquiring a further 1.1 million shares under a secondary transaction with A10 Fund.
A10 Fund as a result now holds 47.4 million shares of Sigma, equating to a 47.7% stake in the company.
Funds from the offering are to be used to fully fund the construction of the phase 1 production plant and mine, and to develop phases 2 and 3 of the Grota do Cirilo Project. Funds are to be also used for general corporate purposes.
Sigma Lithium last traded at $12.72 on the TSX Venture.
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