Source: Mining.com
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Sirios Resources (SOI) has signed a deal with a private investor
  • The company issued 21,500,000 common shares at 0.06$ per share to the investor for $1.5 million
  • The Montreal-based company will use the $1.5 million for both its re-assaying program and the preliminary economic assessment (PEA) of the project
  • Sirios plans to spend most of the proceeds from the financing on further definition and analysis work at Cheechoo
  • Sirios Resources is unchanged, trading at $0.08 at 3:00 p.m. EST

Sirios Resources (SOI) has signed a deal with a private investor for a strategic investment.

The Montreal-based company will use the $1.5 million for both its re-assaying program and the preliminary economic assessment (PEA) of the project.

The company issued 21,500,000 common shares at 0.06$ per share, providing the investor with a 9.2 percent stake in the company.

Sirios plans to spend most of the proceeds from the financing on further definition and analysis work at its Cheechoo gold project and use the remainder of the funds for working capital and corporate initiatives.

“Even though Cheechoo was named the Discovery of the Year in 2016, we are planning for an even better year for the project in 2022! We expect to receive all assays from last summer’s drilling program by the end of Q2 2022 and more results from the 1 kg re-assaying program starting in June 2022. Early results from the re-assaying program let us expect an improvement of the Cheechoo deposit’s economic parameters when the program will be completed. Once we receive all the 2021 drilling results, we will complete an update of the mineral resource estimate as well as a preliminary economic assessment. So, with this hard-dollar financing in our coffers, Sirios is set to have a busy and newsworthy first six months of 2022,” said Sirios CEO Dominique Doucet.

The agreement has been approved by the Board of Directors of Sirios and is subject to the final approval of the TSX Venture Exchange.

Sirios Resources is unchanged, trading at $0.08 at 3:00 p.m. EST.

More From The Market Herald

" Ascendant Resources (TSX:ASND) closes non-brokered private placement

Ascendant Resources (ASND) has closed the final tranche of its non-brokered private placement for gross proceeds of $3,512,000.

" Tanzanian Gold is now TRX Gold Corporation (TSX:TNX)

Effective today, as previously announced, Tanzanian Gold will begin trading as TRX Gold Corporation (TNX).

" Tanzanian Gold Corporation (TSX:TNX) to become TRX Gold Corporation

Tanzanian Gold Corporation (TNX) will change its name to TRX Gold Corporation effective May 27, 2022.

" Nickel North (TSXV:NNX) closes private placement and announces a new flow-through private placement

Nickel North Exploration (NNX) has closed a private placement for gross proceeds of $508,000.