Sirit Closes Exercise of Over-Allotment Option

Published: August 01, 2006, By pffc-online.com

PRESS RELEASE

TORONTO, ON—Sirit has issued an additional six million common shares pursuant to the exercise of the over-allotment option granted to the underwriters in connection with the public offering of 42,500,000 common shares of Sirit, which closed May 26, 2006. The additional common shares were purchased at $0.26 per common share for gross proceeds of $1,560,000. The syndicate of underwriters was co-led by GMP Securities and Wellington West Capital Markets, and included Dundee Securities Corp., Haywood Securities, and MGI Securities. Sirit expects to use the net proceeds primarily for strategic acquisitions and for general working capital.

See sirit.com.