Sirios Resources Announces Closing of a First Tranche of $962,000 of its Flow-Through Private Placement
Sirios Resources Announces Closing of a
First Tranche of $962,000 of its Flow-Through
Private Placement
November 13, 2024
Montreal, QC – Sirios Resources Inc. (TSX-V: SOI; OTCQB: SIREF) (the " Corporation") announced the
closing of the first tranche, for an aggregate gross proceed of $961,999, of its non-brokered private
placement (the "OƯering"), through the issuance of 13,742,843 common share of the capital of the
Corporation (the "Shares") at a price of $0.07 per Share. The Shares were issued as "flow-through share"
pursuant to section 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec).
The qualifying expenditures will be renounced in favour of the subscribers with an e Ưective date no later
than December 31, 2024.
The gross proceeds from the sale of the Shares will be used by the Corporation to incur eligible "Canadian
exploration expenses " related to the Cheechoo property of the Corporation, located in Eeyou Istchee
James Bay, in the province of Quebec. A diamond drill will be mobilized on the property next week in order
to begin a drilling program.
In connection with the first tranche of the OƯering, finder’s fees totaling $20,000 were paid to a non-arm’s
length finder, Mine Equities Ltd. In addition, finder’s fees totaling $16,000 were paid to arm’s length finders.
Shares issued pursuant to this OƯering are subject to a restricted hold period of four months and one day,
ending on March 14, 2025, under applicable Canadian laws. The OƯering and payments of finder’s fees are
subject to the final approval of the TSX Venture Exchange (the "TSXV"). Depending on market conditions,
the Corporation may decide to proceed with the closing of additional tranches of the OƯering.
Under the O Ưering, a director of the Corporation has subscribed for a total of 285,700 Shares for a total
consideration of $19,999, which constitutes a "related party transaction" within the meaning of Regulation
61-101 respecting Protection of Minority Security Holders in Special Transactions ("Regulation 61-101")
and TSXV Policy 5.9 – Protection of Minority Security Holders in Special Transactions . However, the
directors of the Corporation who voted in favour of the OƯering 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 market value of the Shares issued to
this insider, nor the fair market value of the consideration paid exceeded 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 the Corporation but could not be filed earlier than 21 days prior to the closing of the O Ưering, due
to the fact that the terms of the participation of each of the non-related parties and the related parties of
the OƯering were not confirmed.
This press release does not constitute an oƯer to sell or a solicitation of an oƯer 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
oƯered 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.
Sirios Resources Inc. is a Quebec-based mineral exploration company focused on developing its 100%-
owned Cheechoo gold property, located in Eeyou Istchee James Bay, Canada.
For more information, please contact:
Dominique Doucet, CEO
450-482-0603
www.sirios.com
Neither the TSXV nor its Regulation Services Provider (as that ter mis defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this press release.
Forward-Looking Statements
All statements, other than statements of historical fact, contained in this press release including, but not
limited to, this relating to the intended use of proceeds of the O Ưering, the final approval of the TSXV in
connection with the O Ưering and payme nts of finder’s fees, the closing of any additional tranches to the
OƯering, the qualification of eligible expenses under tax laws and in 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 assumption that, 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 assumption
may prove to be incorrect. Many of these uncertainties and contingencies can directly or indirectly a Ưect,
and could cause, actual results to diƯer materially from those expressed or implied in any forward-looking
statements and future events, could di Ưer materially from those anticipated 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 diƯer materially from forward-looking information can be found in
the Corporation’s disclosure documents on the SEDAR+ website at www.sedarplus.ca.
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 not reflect future experience. Forward-looking statements are
provided for the purpose of providing information about management’s endeavors to develop the
Cheechoo project 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 di Ưer materially from the beliefs, plans,
objectives, expectations, anticipations, 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 statement or to
explain any material diƯerence between subsequent actual events and such forward-looking statements,
except to the extent required by applicable law.