Dios fuels up for 2002

Dios Exploration (DOS-V), the recently begat diamond exploration vehicle of gold and base metal explorer Sirios Resources (SOL-V), plans on raising more than $1 million via a public offering of both flow-through and non-flow-through units outside of Quebec.

Sixty-five percent of the units offered will be flow-through and the remaining 35% will be non-flow-through units. The units are priced at 55 apiece. Each flow-through unit will consist of one flow-through common share plus a non-flow-through, non-transferable share purchase warrant. Each non-flow-through unit will include one non flow-through common share and one non-flow-through, non-transferable share purchase warrant. Two warrants will allow the holder to buy one common share for 60 for a period of one year.

Haywood Securities will sell the units on a best efforts basis and will receive a 7% commission on the aggregate gross proceeds from the offering. Haywood will also receive agent’s warrants equal to 10% of the total number of units sold. Haywood will also receive units as payment for a corporate finance fee. The cash commission and expenses of the offering will be paid out of the proceeds of the non-flow-through units.

Dios plan to use the proceeds, plus existing working capital, to fund exploration in 2002 on its 1,300 sq. km of prospective diamond property in the Otish Mountains area of Quebec. The funds will also go toward work on its Scholfield diamond project in northern Ontario, and toward further property acquisition.

Work planned for 2002 will focus on detailed till sampling and follow-up geophysical surveying.

The offering is subject to, among other things, regulatory approval.

Dios, on its creation, also had transferred to it Sirios’ Wemindji and 33 Carats properties in Quebec plus the Trans-Taiga regional database for Quebec.

The recently enlarged 33 Carats property is a new diamond project covering 760 sq. km adjacent to the kimberlite property shared by Ashton Mining of Canada (ACA-T) and Quebec government-owned Soquem.

After debuting on the Canadian Venture Exchange at 96 in early February, Dios shares have fallen off sharply, and in late morning trade on Mar. 18, were trading at 51, down 7 from their previous close.