Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
CALGARY, ALBERTA–(Marketwire – June 5, 2012) – Sienna Gold Inc. (“Sienna” or the “Corporation”) (TSX VENTURE:SGP)(LMA:SGP) has 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 $10,010,000. The Corporation will issue 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. Proceeds will be used for further exploration work on the Corporation’s Igor Project in Peru and for general working capital. Sienna will pay to qualified brokers commissions of 7% and issue 7% 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.
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.
WARNING: the Company relies upon litigation protection for “forward looking” statements. The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary materially include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
