MONTREAL, QUEBEC--(Marketwired - April 3, 2014) - SIRIOS RESOURCES INC. (TSX VENTURE:SOI) completed today a first closing of non-brokered private placements for an amount of $1,116,004. A sum of $975,044 was collected by issuance of flow-through shares while an additional amount of $191,000 came from issuance of units.
Sirios issued 6,964,600 flow-through shares at $0.14 per share. A total of 1,591,667 units were subscribed. Each unit, sold at $0.12, is composed of a Common Share and half a warrant of Sirios. Each warrant entitles its holder to subscribe for one Common Share at $0.15 for a period of 12 months after the closing date.
A director of the Company participated in the placement for an amount of $30,100.
Finder's fees of $78,787 were paid for the financing. In addition, Sirios issued finder's warrants entitling holders to purchase 393,790 Common Shares at $0.14 per share and 33,000 Common Shares at $0.15 per share, for a period of 12 months after the closing date.
There will be a hold period of four months and one day on all securities issued under these financings. The TSX Venture has conditionally approved the private placements.
The proceeds of these placements will mainly be used by Sirios for a diamond drilling campaign on its Cheechoo gold project located in James Bay, as well as for general purposes. Please refer to the website of Sirios for more information on the Cheechoo project.
The Company plans to proceed to a final closing in the upcoming days.
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.