Sirios Closes C$5.5 Million Placement

Sirios Resources (TSXV:SOI) has closed two private placements for a total of C$5.5 million. Goldcorp (TSX:G) exercised its right to acquire up to 19.9 percent of Sirios’s share capital on a partially diluted basis.
As quoted in the press release:

Each unit consists of one common share of Sirios and one-half of one share purchase warrant. Each full warrant gives the holder the right to purchase one common share at an exercise price of CA$0.28 per share during the twelve months following the closing date.
There will be a hold period of four months and one day on all securities issued under these placements. The TSX Venture Exchange has conditionally approved the private placements. A total of CA$30,280 of finder’s fees were paid for these placements.
The proceeds of the placements will be used by Sirios for exploration fieldwork, including a significant diamond drilling program, on its Cheechoo gold project as well as for general corporate and working capital purposes. Cheechoo neighbours Goldcorp’s Éléonore gold mine located in Eeyou Istchee James Bay. Please refer to Sirios’ website for more information on this project.

Dominique Doucet, President of Sirios, said:

We are very pleased to have solid support from numerous corporate investors and our current institutional and corporate shareholders, who subscribed for almost 80% of today’s placements. The acquired funds will allow a rapid and organized progression of the Cheechoo gold project as defined in our three-year plan announced last year.

Click here for the full press release.