Sigma Lithium Corporation (earlier post) announced that funds and accounts managed by BlackRock will make an additional total investment in the company of approximately C$64.2 million. This additional investment increases the size of its previously announced non-brokered private placement of common shares to approximately C$136.7 million (US$106 million).
Sigma Lithium now intends to issue a total of approximately 11,634,137 common shares (compared with approximately 7,234,042 common shares previously announced), to be issued at the previous announced price of C$11.75 per share for anticipated aggregate gross proceeds of approximately C$136.7 million (compared with C$85 million previously announced).
Sigma Lithium, which is dedicated to powering the next generation of electric vehicle batteries with environmentally sustainable and high-purity lithium, expects to use the net proceeds as follows:
To fully-fund the construction of its phase 1 production plant and mine;
To further development of phases 2 and 3 of its wholly owned Grota do Cirilo Project; and
For general corporate purposes.
Sigma is developing the largest hard rock lithium spodumene deposits in the Americas, located in its wholly owned Grota do Cirilo Project in Brazil. The company has processed these spodumene into battery-grade lithium for three years and has achieved certification status with the largest battery makers in the world.