MONTREAL, QUEBEC–(Marketwire – March 23, 2011) – SIRIOS RESOURCES INC. (TSX VENTURE:SOI) completed today a first closing of a non-brokered private placement with accredited investors as previously announced. An amount of $528,300 was subscribed and is composed of 3,854,444 A Units and 1,511,668 B Units. A total of 5,366,112 Common Shares were issued as well as 4,232,362 warrants. The president of the Company subscribed for an amount of $10,800.
The A Unit price is $0.09 and each unit consists of one Common Share and one warrant. The B Unit price is $0.12 and each unit consists of one Common Flow-Through Share and one quarter of a warrant. Each warrant will entitle its holder thereof to subscribe to 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.
Sirios can pay certain intermediaries a finder’s fee in cash based on the subscriptions introduced by those intermediaries, up to a maximum of 8% of the total amount of subscriptions introduced. Finder’s fees totaled $3,200 for the first closing. A second and last closing is expected by April 10, 2011. There will be a hold period of four months on all securities issued under this financing. The TSX Venture has conditionally approved the private placement.
The proceeds of this placement will be used by Sirios for exploration activities on its main precious metal properties, as well as for general purposes. Please refer to Sirios’ web site for additional information.
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