Canada-headquartered Sigma Lithium would seek to raise C$60-million in a private placement of common shares to advance the construction and development of its Grota do Cirilo project, in Brazil.
Sigma would place 5 106 383 common shares at C$11.75 each, the TSX-V-listed company reported on Friday. The project developer’s stock closed 4.27% up at C$12.93 a share.
The offering would close on December 16.
Sigma last week started construction of the production plant at Grota do Cirilo, which is said to be the largest hard rock lithium spodumene deposit in the Americas. Phase 1 of the production plant has been designed to produce up to 220 000 t/y of high purity 6% battery grade lithium concentrate, equivalent to 33 000 t/y of lithium carbonate equivalent.
Sigma has completed a preliminary economic assessment and is conducting a feasibility study for a prospective second production phase, contemplating the addition of a processing line with similar capacity to Phase 1, therefore doubling the project’s capacity. The feasibility study will be completed in the first quarter of 2022.