Sirios Closes a Private Placement for CA$1.48 M; Newmont Goldcorp Increases Ownership to 19.9%
TSX-V: SOI October 21, 2019
Sirios Closes a Private Placement for CA$1.48 M;
Newmont Goldcorp Increases Ownership to 19.9%
MONTREAL, QUEBEC - Management of SIRIOS RESOURCES INC. (TSX-V:
SOI) 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 c apital 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 pleas ed 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 th is
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 workin g capital purposes. Cheechoo neighbours Newmont
Goldcorp’s Éléonore gold mine l ocated in Eeyou Istchee James Bay. Please refer to
Sirios’ website for more information on this project.
Newmont Goldcorp Corporation («Newmont Goldcorp») indirectly acquired ownership
of (i) 5 ,410,020 common shares, representing 3.3% of the issued and outstanding
common shares, and (ii) 2,705,01 0 warrants, representing approximately 46 % of the
issued and outstanding warrants, through Goldcorp Inc. («Goldcorp»), its wholly owne d
subsidiary. Immediately prior to the acquisition, Newmont Goldcorp owned 24,982,352
common shares, representing approximately 15.99% of th e issued and outstanding
common shares. Following the acquisition, Newmont Goldcorp owns 30 ,392,372
common shares, representing approximately 1 8.6% of the issued and outstanding
common shares and 2 ,705,010 warrants, representing approximately 46 % of the issued
and outstanding warrants. Should Newmont Goldcorp exercise all of the warrants,
Newmont Goldcorp would hold 33,097,382 common shares representing approximately
19.9% of the issued and outstanding common shares (on a partially diluted basis).
Newmont Goldcorp acquired the securities for investment purposes. Newmont Goldcorp
will evaluate its investment in Sirios fr om time to time and may, based on such
evaluation, market conditions and other circumstances, increase or decrease
shareholdings as circumstances require. The exemption relied on for the acquisition of
the units is Section 2.3 of National Instrument 45 -106 – Prospectus Exemptions. A copy
of the Early Warning report filed by Newmont Goldcorp in connection with the
acquisition is available on Sirios’ SEDAR profile. Newmont Goldcorp’s head office is
located in Greenwood Village, Colorado, USA.
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.
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Contact:
Dominique Doucet, President, CEO, Eng.
Tel: (514) 510-7961
Website: www.sirios.com