Sigma Lithium Corporation announced it has increased its previously announced C$60 million financing by 42% to C$85 million.
The Vancouver-based firm plans to use the proceeds from the offering to advance construction and development of its Grota de Cirilo project in Brazil, where it is on track to begin production in late 2022.
Sigma said in a release that it now plans to issue approximately 7,234,042 shares – up from the 5,106,383 shares previously announced, for gross proceeds of $85 million. Shares remain priced at C$11.75.
READ: Sigma Lithium announces C$60M private placement
Leading global investors focused on environmental issues and sustainability are expected to comprise the majority of the investors in the offering, the company said in a statement.
The company said it has entered into an agreement with the A10 Group to provide services in respect of the offering, and A10 Group will be entitled to finder’s compensation for purchases by subscribers it introduces. Certain principals of the A10 Group are directors, officers, or indirect significant shareholders of the company.
The offering is scheduled to close by December 16, 2021.
Sigma Lithium has been developing the largest hard rock lithium deposits in the Americas with an environmental, social, and governance (ESG)-centric strategy, including an environmentally sustainable method designed to produce lithium concentrate with zero use of hazardous chemicals, 100% clean energy, 100% water recirculation and 100% dry stacking of tailings.
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