Sigma Lithium Resources to Trade Under New Name, Consolidates Shares 10:1 and Appoints CFO
TSX VENTURE: SGMA
VANCOUVER, British Columbia, June 21, 2018 (GLOBE NEWSWIRE) -- Sigma Lithium Resources Corporation (“Sigma” or the “Company”) (TSXV:SGMA) is pleased to announce its common shares will commence trading on the TSX Venture Exchange under its new name “Sigma Lithium Resources Corporation” at the market open on June 22 following a 10:1 consolidation of its outstanding shares. Sigma’s shares will continue to trade under the existing symbol “SGMA”. Sigma was formerly named Margaux Red Capital Inc.
The share consolidation and the name change were approved at Sigma’s annual general and special meeting held on June 18, 2018. As a result of the share consolidation, Sigma now has 66,967,501 common shares outstanding.
Sigma is also pleased to announce the appointment of Guilherme Guimaraes to Chief Financial Officer. Mr. Guimaraes was previously CFO for all Brazilian mining activities at Denham Capital Management LP, a US private equity fund backed by Bill Gates and Harvard University. He has more than 25 years of experience in finance and accounting with a key focus on mining companies. He has also worked with investees of Brookfield Asset Management, a leading Canadian investor and started his career in 1990 at the Brazilian Stock Exchange and then in auditing at Arthur Andersen in 1994.
“We are thrilled to bring Guilherme on board. He has had significant experience in working with Denham backed by Gates and Harvard, two of the world’s most respected ESG investors in natural resources and energy sectors. He has also worked with Brookfield, a leading Canadian investor with significant experience in Brazil. His appointment says much about the high-caliber talent that we are able to attract to lead Sigma toward becoming a leading global lithium company built on strong Environmental, Social and Corporate Governance (ESG) principles,” says Sigma Lithium Resources CEO Calvyn Gardner.
This comes as Sigma’s wholly-owned Brazilian subsidiary Sigma Mineracao is on track to complete construction and initiate the installation of its pilot production plant in the next month. The pilot plant will have capacity to produce up to 12,000 tonnes of lithium spodumene concentrate per year at the rate of 10 tonnes per hour in order to ship spodumene concentrate for prospective customers. Prior to starting construction on the pilot plant, Sigma conducted successful tests for eight months, producing high-quality battery-grade lithium spodumene concentrate above 6% Li2O at SGS laboratories in Brazil and Canada.
In addition Sigma is currently undergoing a drilling campaign of 30,000m to further validate its significant resource base in accordance with the NI 43101 guidelines.
Registered holders of Sigma shares on June 18, 2018, were mailed Letters of transmittal requesting them to forward their certificates in Sigma shares to Sigma’s transfer agent, Computershare Trust Company of Canada (“Computershare”), in exchange for new certificates representing the number of post-consolidation Sigma shares held by them and reflecting the name change.
No action is required in respect of Sigma shares held through Canadian investment dealers and other participants in the Canadian Depository for Securities. If a registered shareholder did not receive a letter of transmittal, please contact Computershare at the contact information below.
In addition, at the June 18 shareholders’ meeting, Ana Cabral-Gardner was appointed Co-Chair of the Board and Frederico Marques was elected as an additional director of the Company. Furthermore, Jo-Anne Archibald was appointed as Corporate Secretary of Sigma. Ms. Cabral is a Managing Partner at A10 Investimentos, a private equity and asset management firm. Mr. Marques is a partner and foreign legal consultant at McCarthy Tétrault LLP, a full-service Canadian law firm. Ms. Archibald was previously a Senior Vice President, at TMX Equicom.
Sigma is advancing to pilot-production stage at its lithium project in Minas Gerais, Brazil. The company is backed by some of the largest ESG focused institutional investors in the world Sigma plans to build a world-class commercial-scale lithium concentration plant in 2019, becoming a fully-operational sustainable lithium producer in 2020. Sigma will produce battery-grade spodumene concentrate from its high-quality deposits, supplying the lithium-ion battery industry worldwide. Sigma’s objective is to execute its strategy while embracing environmental, social, and governance principles.
Sigma, through its subsidiaries, has 28 mineral rights in four properties spread over 188 km2 and 18,887 hectares - with over 200 lithium bearing pegmatites and 11 former historical lithium mines. The Grota do Cirilo property, Sigma’s primary focus, includes 10 mining concessions (mining production authorizations).
Sigma has a National Instrument 43-101 (“NI 43-101”) technical report on the Grota do Cicilo property prepared by SGS Canada-Geostat (“SGS”), which includes estimated measured and indicated resources of approximately 12,900,000 tonnes for its main deposit (8,502,000t measured and 4,385,000t indicated), with a high average grade of 1.56% (for approximately 500,000t of LCE). The technical report also includes estimated inferred resources of 608,348t and further notes the potential for significant resource expansion.
The resources estimates in this news release are included in (and the estimated LCE is derived from the resource estimates included in) the technical report titled “Technical Report Northern and Southern Complexes Project, Araçuai and Itinga, Brazil, Sigma Lithium Resources Inc.” which has an effective date of January 29, 2018 and was prepared by Marc-Antoine Laporte, P.Geo, M.Sc. of SGS. Mr. Laporte is a qualified person as defined by NI 43-101 and is independent of Sigma. The report is available at www.sedar.com.
For additional information please contact:
|Sigma Lithium Resources Corporation / www.sigmalithiumresources.com|
Director of Business Development and Investor Relations
55 11 2985-0089
PRC Consulting Brasil
55 11 3078-4461
|For inquiries related to letters of transmittal to receive a new share certificate please contact:
Computershare Trust Company of Canada
100 University Avenue
Toronto, ON M5J 2Y1
Attn: Corporate Actions
This news release contains forward-looking statements relating to the objectives of the Company, continuing superior product quality, metal recovery, commencement of trading of Sigma’s shares under its new name and other statements that are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things: the state of the economy in general and capital markets in particular and investor interest in the business and future prospects of Sigma.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, Sigma disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, Sigma undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.
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 news release.