MONTREAL, QUEBEC--(Marketwired - Aug 2, 2017) - Management of Sirios Resources Inc. (TSX VENTURE:SOI) is pleased to announce the completion of a non-brokered private placement today for a total amount of $5 million. This amount was raised by issuing 11,111,111 flow-through shares at $0.45 per share. Sirios will use the proceeds of the private placement for exploration fieldwork, mainly diamond drilling on Cheechoo, that qualifies as Canadian exploration expenditures.
Finder's fee of $300,000 was paid in addition to the issuance of 666,666 finder's warrants. Each warrant gives the holder the right to purchase one common share at $0.45 during the eighteen months following the closing date. There will be a hold period of four months and one day on all securities issued under this financing. The TSX Venture Exchange has conditionally approved the private placement.
Sirios is also pleased to announce that, following completion of the private placement, Goldcorp Inc. purchased 2,129,455 common shares of Sirios in a private transaction in order to maintain its 19.0% of the share capital of Sirios on a partially diluted basis.
Cheechoo neighbours Goldcorp's Éléonore gold mine located in Eeyou Istchee James Bay at 200 km east of Weminji. Sirios received the prestigious Discovery of the Year Award in 2016 by the Quebec Mineral Exploration Association for its Cheechoo gold discovery. Please refer to Sirios' website for more information on this project.
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.
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