Sirios Resources (TSX-Venture: SOI) (OTCQB: SIREF) and OVI Mining have entered into a definitive agreement under which Sirios will acquire all outstanding OVI shares through a statutory plan of arrangement. The transaction brings together two companies with strong track records in Québec, creating a new Osisko-supported gold vehicle centered in the Eeyou Istchee James Bay region. The merged entity will be anchored by the Cheechoo gold deposit and supported by additional exploration potential at Corvet Est and PLEX.
With the combination, the new company gains three district-scale, resource-stage assets and the benefit of Osisko’s development experience. Upon closing, Osisko Development executives Sean Roosen and Laurence Farmer will join the Sirios board. Jean-Félix Lepage, formerly VP of Project Development at O3 Mining, will take over as CEO, while founder Dominique Doucet will become Executive Chairman and lead exploration efforts.
Commenting on the announcement, Jean-Félix Lepage, Chief Executive Officer of OVI, added: "This is an exceptional opportunity to accelerate the development of a promising gold portfolio in Québec under the Osisko banner. Cheechoo is a highly prospective asset that we believe has the potential to become a major gold mine in James Bay, and the exploration upside across Corvet Est and PLEX gives us multiple pathways for growth. Dominique's decades of geological experience in the region are invaluable. Together, we intend to build a major Québec gold company."
Shares of SOI are currently surging 33.3% at $0.10 while U.S. listed shares (SIREF) pop 30.04% at $0.071 in mid-morning trading.
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