Newmont Goldcorp has increased its ownership in Sirios Resources from 15.9% to 19.9% of share capital by buying more than 5.41 million units for C$1.08m ($0.82m).

The purchase was part of a non-brokered private placement completed by Sirios by issuing a total of 7.4 million units at a price of $0.20 per unit, for gross proceeds of C$1.48m ($1.12m).

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Each unit issued by Sirios consists of one common share of the company and one-half of a share purchase warrant.

The company noted that each full warrant gives the holder the right to purchase one common share priced at C$0.30 ($0.22) each for 18 months following the closing date.

Sirios Resources president Dominique Doucet said: “We are very pleased and proud to have strong support from Newmont Goldcorp, our main shareholder, who subscribed for 73% of today’s placement.

“These new funds will allow a significant and ordered progression of our Cheechoo gold project.”

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According to Sirios Resources, there will be a hold period of nearly four months on all securities issued as part of this placement.

The private placement has been conditionally approved by the TSX Venture Exchange.

Sirios plans to use proceeds from the offering towards the exploration fieldwork, exploration infrastructure improvements on its Cheechoo gold project.

The project is located 13km from the Éléonore gold mine owned and operated by Newmont Goldcorp in Québec’s Eeyou Istchee James Bay region.

A portion of the funds will also be used for general corporate and working capital purposes.