Sirios Resources Inc. Announces Private Placement by Goldcorp Inc.
MONTREAL, Feb 23, 2016 - Sirios Resources (TSX VENTURE:SOI) is pleased to announce that Goldcorp Inc. (TSX:G)(NYSE:GG) («Goldcorp») has agreed to purchase, through a private placement, 7,400,000 units (the «Units») of Sirios for gross proceeds of C$962,000. Each Unit, offered at C$0.13, consists of one common share of Sirios and a half warrant. Each full warrant gives the holder the right to purchase one common share at C$ 0.20 during the eighteen months following the closing date. The financing is expected to close on March 2nd, 2016, following which Goldcorp will own approximately 9.9 per cent of the company's issued and outstanding shares on an undiluted basis. The net proceeds of the placement will be used to further advance the company's Cheechoo project, as well as for general corporate and working capital purposes.
Dominique Doucet, President of Sirios, stated: "We are very pleased to welcome Goldcorp as a shareholder of Sirios. We also view this investment as a validation of the exploration success we have had at Cheechoo. With the proceeds from this placement, we are on our way to complete our exploration commitments in securing the full ownership of Cheechoo."
Provided that Goldcorp holds not less than 5 per cent of the company, Goldcorp will have the following rights:
- Anti-dilution rights allowing it to maintain its equity ownership interest in Sirios;
- The right to participate in any future equity financings to acquire up to a 19.9-per-cent ownership position in Sirios.
Goldcorp will also have the right to match non-equity financing and tolling arrangement related to future exploration and development of Cheechoo as well as the right to request the formation of a technical committee for Cheechoo.
There will be a hold period of four months and one day on all securities issued under this placement which is subject to the approval of the TSX Venture Exchange. No finder's fees will be paid for the placement.
2016 Convention of the Prospectors and Developers Association of Canada (PDAC)
For the third year in a row, the Cheechoo gold project was selected to be part of displayed projects at the Core Shack by organizers of the 2016 Convention of Prospectors and Developers Association of Canada (PDAC). The convention will take place from March 6th to 9th at the Metro Toronto Convention Centre. Sirios will present the most recent results on Cheechoo on March 8th and 9th at booth 3105B of the Core Shack. Anybody interested are also invited to come and meet the representatives of Sirios at booth 2910 of the Investors Exchange.
For more information concerning Sirios at the convention, please visit the website of PDAC:
http://www.pdac.ca/convention/programming/investors-exchange
http://www.pdac.ca/convention/programming/core-shack
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
ddoucet@sirios.com
Christian Guilbaud, V.P. Corporate Development
(514) 813-7862
cguilbaud@videotron.ca
Fax: (514) 510-7964
www.sirios.com