Sirios Takes Over Magmax Exploration, Gains 100% Control Of ESCALE Gold Property

Sirios Resources, Inc. has acquired all the shares of private company Magmax Exploration, giving Sirios complete ownership of the ESCALE gold property in Quebec. Sirios had already optioned off 50% of the property to Magmax, so the takeover will effectively annul the agreement. Sirios used 2.52 million shares to acquire the company, at a deemed price of 9 cents, making the cost of acquisition $226,000. The Escale property has already yielded several grab and other samples showing gold, gold-moly and zinc. The news release has further details, including disclosure that two of Magmax's shareholders are directors of Sirios.

Trading in Sirios has been relatively light today, leaving it unchanged from yesterday's close. Sirios last traded at 5.5 cents; the current bid - ask is 5 - 5.5.

Sirios' Google Finance web page is here.

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