The proceeds of the placement will be used by Sirios for exploration fieldwork, exploration infrastructure improvements on its Cheechoo gold project as well as for general corporate and working capital purposes
Image: Newmont Goldcorp increases stake in Sirios. Photo: Courtesy of PublicDomainPictures/Pixabay.
Management of Sirios Resources is pleased to announce the completion of a non-brokered private placement for aggregate gross proceeds of CA$1,480,000 by the issuance of 7,400,000 units at CA$0.20 per unit.
Newmont Goldcorp has exercised its right to increase its ownership from 15.9% up to 19.9% of the share capital of Sirios on a partially diluted basis by acquiring 5,410,020 units for an amount of CA$1,082,004.
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$0.30 per share for eighteen months following the closing date.
Dominique Doucet, President of Sirios, states: “We are very pleased and proud to have strong support from Newmont Goldcorp, our main shareholder, who subscribed for 73% of today’s placement. I would also like to thank SIDEX for their contribution. These new funds will allow a significant and ordered progression of our Cheechoo gold project.”
There will be a hold period of four months and one day on all securities issued under this placement. The TSX Venture Exchange has conditionally approved the private placement. No finder’s fees were paid for the placement. Two directors of Sirios participated in the placement for a total amount of CA$30,000.
The proceeds of the placement will be used by Sirios for exploration fieldwork, exploration infrastructure improvements on its Cheechoo gold project as well as for general corporate and working capital purposes. Cheechoo neighbours Newmont Goldcorp’s Éléonore gold mine located in Eeyou Istchee James Bay. Please refer to Sirios’ website for more information on this project.
Source: Company Press Release