Sirios completes Capital Raise of $448,996
TSX-V : SOI
Not for distribution to United States newswire services or for dissemination in the United States
September 17th, 2021
Sirios completes Capital Raise of $448,996
MONTREAL (QU EBEC) – SIRIOS RESOURCES INC. (TSX -V: SOI ) (the “Corporation”)
announces that it has closed its previously announced non-brokered private placement for aggregate gross
proceeds of $ 350,000 (the “Unit Offering ”). The Unit Offering consisted of the issuance of 3,500,000
units of the Corporation (the “Units”) at a price of $0.10 per Unit. Each Unit consists of one common
share of the Corporation (a “Common Share”) and one Common Share purchase warrant (a “Warrant”).
Each Warrant entitles the holder thereof to purchase one Common Share at an exercise price of $0.15 per
Common Share for a period of 18 months from the date of issuance thereof. The net proceeds from the
sale of the Units will be mainly used by the Corpo ration to advance its Cheechoo gold project, as well as
for general and corporate working capital purposes.
In addition, the Corporation is pleased to announce that it has closed the second and final tranche of its
previously announced non -brokered flow -through private placement for additional gross proceeds of
approximately $98,996 (the “FT Offering” and, collectively with the Unit Offering, the “ Offerings”). In
connection with this FT Offering , the Corporation issued 824,967 common shares of the Corporation
(the “FT Shares ”) at a price of $0.12 per FT Share. The aggregate gross proceeds of the FT Offering,
including the first tranche previously closed on August 31, 2021, are $886,468.
Each FT Share qualifies as a “flow -through share” within the meaning of the Income Tax Act (Canada)
and the Taxation Act (Québec). The qualifying expenditures will be renounced in favour of the subscribers
with an effective date no later than December 31, 2021. The net proceeds from the sale of the FT Shares
will be used by the Corporation to incur eligible “Canadian exploration expenses” related to the
Cheechoo, Aquilon and Maskwa gold projects of the Corporation located in Eeyou Istchee James Bay in
the province of Quebec.
Finder’s fees totalling $16,280 were paid to finders in connection with the first and second tranches of the
FT Offering. The Common Shares and the Warrants issued pursuant to the Unit Offering and the FT
Shares issued pursuant to the second tranche of the FT Offering are subject to a restricted hold period
ending on January 18th, 2022. The Offerings remain subject to the final a pproval of the TSX Venture
Exchange.
The President and Chief Executive Officer and a director of the Corporation have subscribed in the Unit
Offering for a total of $45,000, which constitute s a “related part y transaction” within the meaning of
Regulation 61-101 respecting Protection of Minority Security Holders in Special
Transactions (“Regulation 61 -101”) and TSX Venture Exchange Policy 5.9 – Protection of Minority
Security Holders in Special Transactions . However, the directors of the Corporation who vo ted in favour
of the Unit Offering have determined that the exemptions from formal valuation and minority approval
requirements provided for respectively under subsections 5.5(a) and 5.7(1)(a) of Regulation 61-101 can be
relied on as neither the fair marke t value of the Units issued to insiders nor the fair market value of the
consideration paid exceed ed 25% of the Corporation’s market capitalization. None of the Corporation’s
directors have expressed any contrary views or disagreements with respect to the foregoing. A material
change report in respect of this related party transaction will be filed by th e Corporation but could not be
filed earlier than 21 days prior to the closing of the Unit Offering due to the fact that the terms of the
participation of each of the non -related parties and the related part ies in the Unit Offering were not
confirmed.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the
securities in the United States. The securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may
not be offered or sold within the United States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption from such registration is available.
About Sirios Resources Inc.
Pioneer in the discovery of significant gold deposits in the Eeyou Istchee James Bay region of Québec,
Canada. Sirios Resources Inc. focuses its work mainly on its Cheechoo gold discovery, while actively
exploring the high auriferous potential of its other properties.
Visit our website at www.sirios.com or contact:
Dominique Doucet, President, Eng.
514-918-2867
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
All statements, other than statements of historical fact, contained in this press release including, but not
limited to, those relating to t he intended use of proceeds of the Offering s, the renunciation of the eligible
“Canadian exploration expenses” by the Corporation in favour of the subscribers no later than
December 31, 2021, the final approval of the TSX Venture Exchange in connection wit h the Offerings, the
development of the Cheechoo, Aquilon and Maskwa projects and, generally, the above “About Sirios
Resources Inc.” paragraph which essentially describes the Corporation’s outlook, constitute “forward -
looking information” or “forward -looking statements” within the meaning of applicable securities laws,
and are based on expectations, estimates and projections as of the time of this press release. Forward -
looking statements are necessarily based upon a number of estimates and assumptions tha t, while
considered reasonable by the Corporation as of the time of such statements, are inherently subject to
significant business, economic and competitive uncertainties and contingencies. These estimates and
assumptions may prove to be incorrect. Many o f these uncertainties and contingencies can directly or
indirectly affect, and could cause, actual results to differ materially from those expressed or implied in
any forward-looking statements and future events, could differ materially from those anticipa ted in such
statements. A description of assumptions used to develop such forward -looking information and a
description of risk factors that may cause actual results to differ materially from forward -looking
information can be found in the Corporation’s di sclosure documents on the SEDAR website at
www.sedar.com.
By their very nature, forward -looking statements involve inherent risks and uncertainties, both general
and specific, and risks exist that estimates, forecasts, projections and other forward -looking statements
will not be achieved or that assumptions do no t reflect future experience. Forward-looking statements are
provided for the purpose of providing information about management’s endeavors to develop the
Cheechoo, Aquilon and Maskwa projects and, more generally, its expectations and plans relating to the
future. Readers are cautioned not to place undue reliance on these forward -looking statements as a
number of important risk factors and future events could cause the actual outcomes to differ materially
from the beliefs, plans, objectives, expectations, an ticipations, estimates, assumptions and intentions
expressed in such forward -looking statements. All of the forward -looking statements made in this press
release are qualified by these cautionary statements and those made in our other filings with the securities
regulators of Canada. The Corporation disclaims any intention or obligation to update or revise any
forward-looking statements or to explain any material difference between subsequent actual events and
such forward-looking statements, except to the extent required by applicable law.