Sienna Gold Inc

March 24, 2011 14:39 ET

Sienna Gold Inc. Announces Closing of $7,000,000 Financing

CALGARY, ALBERTA--(Marketwire - March 24, 2011) - Sienna Gold Inc. ("Sienna" or the "Corporation") (TSX VENTURE:SGP) (BVLAC:SGP) announces that it has completed its previously announced private placement financing of US $7,000,000. This financing was completed entirely in Peru and Colombia, with the lead broker being Grupo Privado de Inversiones – Valores S.A., Sociedad Agente de Bolsa (GPI Valores SAB). The Corporation issued 17,500,000 units at US$0.40 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 CDN$0.60 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 paid commissions of $459,300 and issued 1,135,750 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 July 25, 2011.

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.

Neither the 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.

Contact Information

  • Sienna Gold Inc.
    John M. Rucci
    (403) 508 2061