MONTREAL, QUEBEC--(Marketwired - Dec. 22, 2016) - Management of SIRIOS RESOURCES INC. (TSX VENTURE:SOI) is pleased to announce the completion of two non-brokered private placements for aggregate gross proceeds of CA$2,180,364 in addition to receiving CA$541,184 following the exercise of 2,211,015 warrants for a grand total of CA$2,721,549. An amount of CA$1,073,865 was raised by issuing 2,825,959 units at CA$0.38 while CA$1,106,500 came from the issuance of 2,213,000 flow-through shares at CA$0.50.
Goldcorp Inc. ("Goldcorp") has acquired 1,631,222 units for CA$619,864. Two directors of Sirios participated in the financing by acquiring a total of 40,000 flow-through shares.
Each unit consists of one common share of Sirios and one-half of one share purchase warrant. Each full warrant gives the holder the right to purchase one common share at an exercise price of CA$0.50 per share during the twelve months following the closing date.
Dominique Doucet, President of Sirios, states: ''We are very pleased to have once again solid support from Goldcorp, our institutional shareholders and funds who exercised their warrants and/or who participated for the totality of the non-flow-through financing as well as 70% of the flow-through financing. The acquired funds, that increase our working capital to more than CA$5M, will allow another important drilling campaign at the beginning of 2017, therefore continuing the rapid and structured progression of the Cheechoo gold project.''
There will be a hold period of four months and one day on all securities issued under the placements. The TSX Venture Exchange has conditionally approved the private placements. A total of CA$48,000 of finder's fees were paid for these placements.
The proceeds of the placements will be used by Sirios for exploration fieldwork, mainly on Cheechoo as well as for general corporate and working capital purposes. Cheechoo neighbours Goldcorp's Éléonore gold mine located in Eeyou Istchee James Bay at 200 km east of Weminji. 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.