QUEBEC CITY, March 16 /CNW Telbec/ - Sigma Ventures Inc. ("Sigma") (TSX
Venture Exchange: SVX), a leading composite and metal products manufacturer,
announced that it has completed the initial closing, in the amount of
$4,176,450.90, of the private placement announced on February 21.
The private placement's final closing for an additional $1,226,728.30
should occur in the next few days. This could take the total amount of the
private placement to $5,403,179.20, slightly more than the previously
announced range of $3,900,000 to $5,000,000.
"The private placement's success has allowed us to realize, once again,
how much confidence investors have in our strategic plan," stated Denis
Bertrand, Sigma's President and CEO. The private placement's net proceeds
will, among other things, serve to reduce long-term debt, as well as to meet
the company's working capital needs.
As part of the initial closing, Sigma issued 4,640,501 units at a price
of $0.90 a unit. Each unit is composed of a common share and a half warrant.
Each full warrant will allow its holder to subscribe to a common Sigma share
at the price of $1.15 per share; the warrant is valid for 60 months from the
date of its issuance. All securities issued are subject to a four-month (4)
The closing of the private placement is conditional on obtaining the
required authorizations from regulatory bodies (including the final approval
of the TSX Venture Exchange).
Sigma has paid intermediation fees in the amount of $244,760.00 to
Sugarhill Capital Inc. and Blackmont Capital Inc.
ABOUT SIGMA VENTURES
Sigma Ventures Inc. (TSX-V: SVX) is a leading composite and metal
products manufacturer. Sigma has six operating subsidiaries which employ 650
people. The Company is active in the growing heavy duty truck, coach, transit
and bus, train and subway, machinery, agriculture, light forestry and
alternative energy market segments. Sigma offers its products to original
equipment manufacturers and distributors in the United States, Canada and
Sigma has had a recent history of steady growth and accretive
acquisitions. Its recent and planned growth initiatives are expected to
continue to raise Sigma's profile with investors.
This press release contains certain forward-looking statements with
respect to the Company. Such forward-looking statements are dependent upon a
certain number of factors and are subject to risks and uncertainties. Actual
results may differ from those expected. The information contained in this
press release is dated March 16, 2007, the date on which the Directors
approved the press release. Management does not assume any obligation to
update or revise any forward-looking statements, whether as a result of new
information or future events, except when required by the regulatory
The exchange does not accept responsibility for the adequacy or accuracy
of this release.
For further information:
For further information: Sigma Ventures Inc.: Denis Bertrand, Chief
Executive Officer, (418) 780-3902, email@example.com; Sigma
Ventures Inc.: Bertrand Côté, Chief Financial Officer, (418) 780-3903,
firstname.lastname@example.org; MaisonBrison/BarnesMcInerney: Frédéric
Beausoleil, Executive Vice-President, IR, (514) 731-0000, Ext. 228,