MONTREAL, QUEBEC, CANADA–(Marketwire – Oct. 22, 2007) – SIRIOS RESOURCES INC. (TSX VENTURE:SOI) announces that it has closed through Becher McMahon Capital Markets Inc. (the “Agent”) a brokered private placement for gross proceeds of $ 2,000,000. A total of 6,666,666 Flow-Through Shares of SIRIOS at a price of $0.30 were issued.
This offering was made to accredited investors, within the meaning of National Instrument 45-106, residing in the Provinces of Ontario, and Quebec, in reliance upon applicable exemptions from registration and prospectus requirements.
All securities issued pursuant to this offering are subject to a hold period of four months from the date of closing. An aggregate cash commission equal to 8% of the gross proceeds, as well as broker warrants entitling the purchase, for a period of 24 months following the closing, of 666,666 Common Shares at a price of $0.30 per Share, was paid by the Corporation to the Agent and its duly appointed sub-agent(s).
The proceeds from this placement will be used by SIRIOS to incur exploration expenses in the James Bay Area of Quebec mainly on its PONTAX (silver-zinc) and TILLY (molybdenum) properties that qualify as Canadian exploration expenditures. Please refer to the SIRIOS’ web site for additional information on those properties.
The TSX-V has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information:
Dominique Doucet, CEO