MONTREAL, QUEBEC--(Marketwired - May 16, 2013) - SIRIOS RESOURCES INC. (News - Market indicators) completed a first closing of the recently announced non-brokered private placement with accredited investors and an institutional fund. A total of 2,480,000 units were subscribed, each composed of one Common Share and one warrant, in addition to the 147,538 Flow Through shares for a total amount of $267,180. The President of the Company subscribed for an amount of $13,000. There will be a hold period of four months and one day on all securities issued under this financing.

The placement consists of a maximum of 3,250,000 units and 1,346,154 Flow Through shares for gross proceeds totaling $500,000. Each unit price is $0.10 and consists of one Common Share and one warrant, whereas each Flow Through share is offered at $0.13. Each warrant will entitle its holder thereof to subscribe for one Common Share at $0.18 per share for a period of 12 months after the closing date of the private placement.

The proceeds of this placement 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.