MONTREAL, QUEBEC–(Marketwire – Feb. 22, 2011) – SIRIOS RESOURCES INC. (TSX VENTURE:SOI) announces its intention to spin-off its wholly-owned subsidiary into a publicly traded company. Sirios plans on first transferring to the subsidiary its projects that are mainly focused on metals such as lithium, copper-gold, molybdenum, uranium, and zinc, in exchange for share capital. Afterwards, Sirios will proceed to distributing to its shareholders a portion of the shares of its subsidiary. This distribution is subject to the approval by shareholders, who will then be summoned to an extraordinary shareholders’ meeting.
The company is currently working on producing the required documentation, which will be available to shareholders as early as possible, in order to complete this project. Sirios will ascertain the required approval from regulating authorities.
As mentioned during the last annual shareholders’ meeting, Sirios will focus mainly on its Cheechoo and Aquilon gold projects, as well as its Pontax silver project.
Mr. Dominique Doucet, founding president of the company, stated: “The transformation of our subsidiary into a publicly traded company will allow a more representative valuation by the market of our company’s assets, which would be in the interest of our shareholders. It must be noted that the successful creation of Dios Exploration (TSX VENTURE:DOS) by Sirios in 2001 was profitable for all our shareholders.”
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.
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Dominique Doucet, CEO