MONTREAL, QUEBEC, CANADA–(Marketwire – Nov. 13, 2008) – SIRIOS RESOURCES INC. (TSX VENTURE:SOI) announces the placement of a convertible debenture in the principal amount of $150,000 and a $400,000 secured convertible loan with SIDEX, Limited Partnership.
The debenture bears interest at the annual rate of 12% and will mature within three years. It will be convertible during the first two years in Units, each consisting of one SIRIOS’ Common Share at a price of $0.10 and one common share purchase warrant. Each warrant will give the right to purchase one common share at a price of $0.12 until the earlier of (i) 24 months following the conversion date or (ii) the maturity date of the debenture. During the third year, the debenture will be convertible in Units, each consisting of one common share at a price of $0.11 and one common share purchase warrant. Each warrant will give the right to purchase one common share at a price of $0.13 until the earlier of (i) 12 months following the conversion date or (ii) the maturity date of the debenture. Interest will be payable in cash or common shares.
The $400,000 loan bears interest at the annual rate of 12% and will mature within twelve months. It will be secured by an hypothec on SIRIOS’ movables including its tax credits to be received. SIDEX will be entitled to convert the loan on or before the maturity date in Units, each consisting of one SIRIOS’ Common Share at a price of $0.10 and one common share purchase warrant. Each warrant will give the right to purchase one common share at a price of $0.12 until the earlier of (i) 12 months following the conversion date or (ii) the maturity date of the loan. Interest will be payable in cash or common shares.
There will be a hold period of 4-months on all securities issued under this financing. There were no fees paid in connection with this financing, which is subject to the approval of the regulatory authorities. The issuance of any share in payment of interest will also be subject to the prior approval of the TSX Venture Exchange.
The proceeds of this placement shall be used by SIRIOS for exploration activities on its properties and for general purposes.
The Diversification of Exploration Investment Partnership (SIDEX Limited Partnership) was established by the Government of Quebec and the Solidarity Fund QFL. The mission of SIDEX is to invest in companies engaged in mineral exploration in Quebec.
The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information:
Dominique Doucet, CEO
ddoucet@sirios.com
Phone: 514-510-7961
