MONTREAL, QUEBEC–(Marketwired – Dec. 9, 2013) – SIRIOS RESOURCES INC. (TSX VENTURE:SOI)has proceeded to issue 2,898,374 common shares to Golden Valley (TSX VENTURE:GZZ) in accordance with the option agreement between the two parties that allows Sirios to acquire the gold property Cheechoo. The property, owned 45% by Sirios, is situated in the region of Opinaca within 15 km of the Eleonore gold mine currently built by Goldcorp in James Bay, Quebec. Following the results of the fieldworks, Sirios undertakes the issue of shares to Golden Valley with the aim to acquire fully the property Cheechoo. The issue of the shares is subject to the final approval of the TSX Venture Exchange. In order to complete the transaction, Sirios plans, taking into account fieldworks of the latest campaign, to carry out exploration work totaling approximately $ 3.3 million and make a payment of $ 500,000 on or before June 15, 2016.
Recall that encouraging results of gold were obtained in the first three holes drilled by Sirios on Cheechoo at the end of 2012. Large gold zones were discovered with minimum lengths varying between several tens of metres to the entire length of certain drill holes of almost 200 metres, with grades varying between 0.21 and 1.09 g/t in gold (ref. press release February 12, 2013). Though the final results have not yet been obtained, the fall 2013 drilling campaign had numerous identified visible gold specks in three of the four drill cores. (ref. press releases October 2013) Sirios will disseminate the results of the 2013 drilling campaign when all analyzes are received and compiled, which means that they will be released at the beginning of January 2014.
FLOW-THROUGH PRIVATE PLACEMENT
Sirios announces its intention to undertake a non-brokered private placement to qualified investors. The placement consists of a maximum of 1,000,000 flow-through shares at $ 0.20 for a total of $ 200,000. The proceeds of this placement will be used by Sirios to continue exploration work on its Cheechoo gold property.
Sirios can pay certain intermediaries a finder’s fee in cash based on the subscriptions introduced by those intermediaries, up to a maximum of 10 % of the total amount of subscriptions as well as finder’s warrants entitling the holder, for a period of 12 months, to purchase up to a maximum of 10% of the common shares issued at the price of $ 0.20 per share. There will be a hold period of four months and one day on all securities issued under this financing. This private placement is subject to regulatory approval and filings.
The annual and special meeting of shareholders of Sirios will take place tomorrow, December 10, at 10:00 a.m. at Château Champlain Marriot Hotel, downtown Montreal, Quebec.
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 more information:
Dominique Doucet, CEO