MONTREAL, QUEBEC--(Marketwire - Nov. 26, 2012) - SIRIOS RESOURCES INC. (News - Market indicators) completed a first closing of a private placement, as previously announced. An amount of $156,000 was subscribed and is composed of 153 Flow-Through Units and 3 Hard Cash Units. A total of 1,095,846 Common Shares were issued as well as 279,897 warrants.
Each Flow-Through Unit, offered at $1,000, is composed of 5,333 Flow-Through Common Shares at $0.15 each, 1,666 Common Shares at $0.12 each and 1,666 warrants. Each Hard Cash Unit, also offered at $1,000, is composed of 8,333 common shares at $0.12 each and 8,333 warrants. Each warrant will entitle its holder thereof to subscribe to one Common Share at $0.18 per share for a period of 24 months after the closing date. There is a hold period of 4 months on all securities issued under this financing.
Sirios paid to the agent a cash fee of $6,240 and issued brokers' warrants entitling the agent to purchase 43 833 Common Shares at a price of $0.18 per share for a period of 24 months after the closing date. The TSX Venture has conditionally approved the private placement.
The proceeds of this placement will be used for exploration activities on Sirios' properties, as well as for general purposes.