MONTREAL, QUEBEC--(Marketwired - Dec. 20, 2013) - Directors of SIRIOS RESOURCES INC. (TSX VENTURE:SOI) are pleased to announce the Company completed a funding of $ 350,000 including a private placement of $ 200,000 and a loan of $ 150,000.
Sirios raised the fixed maximum amount of $ 200,000 in its flow-through private placement, as announced on December 9th 2013. The capital of the placement will be used for exploration fieldworks, in particular, the Cheechoo gold project located in James Bay. In addition, a non-secured loan was made with an institutional investor for an amount of $ 150,000. The funds will be used for the Company's working capital.
The loan bears interest at an annual rate of 13%, payable semi-annually, in cash and its duration is 24 months. Sirios may, nevertheless, as of December 20th 2014, pay the entire loan in cash in one lump sum without penalty.
Sirios issued 1,000,000 flow-through shares at $ 0.20 per share for an amount of $ 200,000. It will pay a finder's fee in cash of $18,000 and issued 90,000 finder's warrants. A warrant will entitle the holder to purchase one Common Share at a price of $0.20 for a period of 12 months. A Director of the Company participated in the placement for an amount of $ 20,000. There will be a hold period of four months and one day on all securities issued under this financing. The TSX Venture has conditionally approved the private placement.
Please refer to the website of Sirios for more information about the Cheechoo project.
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