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Sirios Resources raises C$5M for Cheechoo exploration

Sirios Resources Inc. completed a C$5 million nonbrokered private placement comprising 11,111,111 flow-through shares at 45 Canadian cents apiece.

Proceeds will be used for exploration fieldwork, mainly diamond drilling on the Cheechoo gold project in Quebec, the company said Aug. 2.

Sirios added that following completion of the financing, Goldcorp Inc. purchased 2,129,455 Sirios shares in a private transaction to maintain its 19.0% interest in the share capital of the firm on a partially diluted basis.