Successful Close of Sirios Resources' Private Placement Raising Funds
Sirios Resources Closes Successful Private Placement
SIRIOS RESOURCES INC. (TSX-V: SOI) recently announced the closing of its non-brokered private placement, attracting significant investment and raising a total of $430,000. This strategic move involved the issuance of 8,600,000 units, with each unit priced at $0.05. Each unit consists of one common share and a warrant that allows the holder to purchase another share at $0.08 for a period of two years.
Utilization of Funds Raised
The net proceeds from this offering will primarily support the advancement of the Cheechoo gold project. This initiative underscores Sirios Resources' commitment to enhancing its project portfolio while also securing essential working capital. The management sees this funding as a crucial step forward in realizing the potential of their high-potential gold properties.
Regulatory Considerations and Insider Participation
The private placement was executed in compliance with Canadian securities laws, and there were no finder's fees associated with the offering. Interestingly, insiders subscribed to 900,000 units, totaling $45,000. This involvement is classified as a related party transaction, adhering to the guidelines set by Regulation 61-101. The participation of insiders was transparently disclosed, and the corporation's directors have indicated support for this transaction.
Future Plans and Market Opportunities
Sirios Resources remains vigilant regarding market conditions and may consider closing additional tranches of the offering if favorable circumstances arise. This flexibility indicates a proactive approach to navigating the complexities of the market, advocating for potential growth opportunities that could further bolster their resource exploration endeavors.
About Sirios Resources
Sirios Resources is based in Quebec and focuses on developing its impressive portfolio of gold properties, particularly in the Eeyou Istchee region of James Bay, Canada. The company's strategy highlights its commitment to exploring high-potential areas with promising geological features.
Contact Information
For inquiries, reach out to Dominique Doucet, Eng., President, at 450-482-0603 or via email at info@sirios.com. More information can be found on their website: www.sirios.com.
Frequently Asked Questions
What is the purpose of the $430,000 raised by Sirios Resources?
The funds will be used to advance the Cheechoo gold project and for general corporate working capital.
Who participated in the private placement?
Insiders of Sirios Resources subscribed to a total of 900,000 units, reflecting their confidence in the company's direction.
What does the warrant entitle the holder to?
The warrant entitles the holder to purchase an additional common share at an exercise price of $0.08 each.
How long will the warrants remain valid?
The warrants have a validity period of 24 months from the date of issuance.
Where can I find more information about Sirios Resources?
Additional information can be accessed on Sirios Resources' official website at www.sirios.com.
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