Sirios Resources Inc.: Loan Financing With R&D Capital Totals $803,500
11.04.2013 | Marketwire
MONTREAL, QUEBEC -- (Marketwired - April 11, 2013) - Sirios Resources Inc. (TSX VENTURE:SOI) announces a series of four secured loans with R&D Capital totalling $803,500. The loans are divided in two gross tranches, $487,400 and $316,100, bearing an annual interest rate of 20.4%, and are secured against assets, including Sirios' tax credits receivable. The first tranche disbursed at signing consists of three loans having terms varying between six to nine months whereas the second tranche has a one year term and will be disbursed once a portion of the first tranche is reimbursed. Interest is payable monthly in cash.The product of the loan will be used by Sirios for its general activities and to reimburse suppliers. The loan is subject to intermediary fees of 10% as well as management fees of 5%.
R&D Capital is a Canadian financial institution based in Montreal specialized in financing federal and provincial tax credits receivable.
HIRING OF INVESTOR RELATIONS CONSULTANTS
Sirios has also signed today a ten-month contract with FronTier Merchant Capital Group, a group of investor relations specialists based in Toronto. The objective is to increase the visibility of the projects and of Sirios within the financial community, and to target potential private and institutional investors. The consideration is $5,000 per month for a period of ten months. The contract is renewable with the same terms. The contract is subject to regulatory approval and filings.
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.
Contact
Sirios Resources Inc.
Dominique Doucet, President
(514) 510-7961
(514) 510-7964 (FAX)
ddoucet@sirios.com
Frederic Sahyouni, CFO
(514) 510-7961
(514) 510-7964 (FAX)
fsahyouni@sirios.com
www.sirios.com