MONTREAL, QUEBEC–(Marketwire – May 12, 2011) –SIRIOS RESOURCES INC.(TSX VENTURE:SOI)reports its intent to undertake a non-brokered private placement with accredited investors. This placement consists of 6,000,000 A units and 15,000,000 B units for gross proceeds totaling $2,040,000. The A unit price is $0.09 and each unit consists of one Common Share and one warrant. The B unit price is $0.10 and each unit consists of one Common Flow-Through Share and one quarter of a warrant. The B unit is available only in Canada, excluding the province of Quebec. Each warrant will entitle its holder thereof to subscribe for one Common Share at $0.14 per share for a period of 12 months after the closing date and at $0.18 during the following 12 months.
The proceeds of this placement will be used by Sirios for exploration activities on its main precious metals properties, as well as for general purposes.
Sirios can pay certain intermediaries a finder’s fee in cash, based on the subscriptions introduced by those intermediaries, of 8% of the total amount of subscriptions introduced as well as broker warrants entitling the purchase of that number of Common Shares equal to 8% of the Shares sold pursuant to the offering, at a price of $0.09 per Share.
There will be a hold period of 4 months on all securities issued under this financing. This private placement is subject to regulatory approval and filings.
GRANT OF INCENTIVE STOCK OPTIONS
The Board of Directors of Sirios has granted today 1,100,000 stock options under its Stock Option Incentive Plan to directors, officers and employees at an exercise price of $0.10 per share. The options expire five (5) years from the date of grant, are vested quarterly over an 18-month period and are subject to the required four month hold period following the grant.
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.
For more information:
Dominique Doucet, CEO