MONTREAL, QUEBEC--(Marketwired - Aug 6, 2015) - SIRIOS RESOURCES (TSX VENTURE:SOI) announces that one officer and one director of the Company proceeded, through the TSX Venture Exchange stock market, to the sale of 899,000 common shares at a price of $0.12 per share. The proceeds from this sale were used to purchase 899,000 units at $0.12 per unit for a total of $107,880 in the first closing of a private placement totalizing $176,132. This non-brokered private placement consists of a maximum issuance of 2,500,000 units at $ 0.12 per unit. Each unit consists of one common share of Sirios and a half warrant. Each warrant gives the holder the right to purchase one common share at $ 0.18 during the eighteen months following the closing date.
No finder's fees were paid during this first closing. The securities issued are subject to a hold period of four months and one day. This private placement has received conditional approval from the TSX Venture Exchange.
Private placement of flow-through shares
A second closing of the private placement, announced on June 30, was made for an additional amount of $ 80,000. A total of 533,333 flow-through common shares at $ 0.15 per share were issued and finder's fee of $6,000 were paid for this closing. It brings the total amount subscribed up to $898,775 for this placement.
The proceeds of these placements will be used mainly to carry out exploration on Cheechoo Gold Project, adjacent to the Eleonore gold mine of Goldcorp located in James Bay and for general purposes of the Company. Please refer to Sirios' web site for more information on the Cheechoo project.
Exercise of Warrants
Sirios recently made the issuance of 357,000 common shares at $0.10 per share following the exercise of warrants held by a Quebec institutional shareholder.
In the past weeks, a grand total of $1,287,771 was collected by Sirios following closings of two private placements mentioned above, which remain open, and exercises of warrants of Quebec institutional shareholders.
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.