MONTREAL, QUEBEC–(Marketwire – Nov. 1, 2012) – SIRIOS RESOURCES INC. (“Sirios“) (TSX VENTURE:SOI) announces a private placement to raise gross proceeds of up to $950,000 with accredited investors. MGI Securities Inc. will act as agent for this financing. The private placement consists of a maximum of 700 Flow-Through Units and 250 Hard Cash Units. Each Flow-Through Unit, offered at $1,000, is composed of 5,333 flow-through common shares at $0.15 each, 1,666 common shares at $0.12 each and 1,666 warrants. Each Hard Cash Unit, offered at $1,000, is composed of 8,333 common shares at $0.12 each and 8,333 warrants. Each warrant will entitle its holder to subscribe for one common share at $0.18 per share for a period of 24 months after the closing date.
The proceeds of this placement will be used for exploration activities on Sirios’ properties, as well as for general purposes. If needed, the proceeds can also be used to extend the drilling campaign that is currently underway on the Cheechoo gold property.
Sirios will pay to the agent a cash fee of 8% of the proceeds of the placement, and will issue to the agent warrants entitling the agent to purchase a number of Common Shares equal to 8% of the Shares sold pursuant to the offering, at a price of $0.18 per share for a period of 24 months after the closing date.
Moreover, an over-allotment option has been granted to the agent that would allow, for a period of 30 days following the closing date, a 15% increase of the total amount of the financing.
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.
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