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Sirios Completes Second and Final Tranche of its Private Placement for Additional Gross Proceeds of $2 Million

Sirios Resources Inc.
·5 min read

Not for distribution to United States newswire services or for dissemination in the United States

MONTREAL, Dec. 16, 2020 (GLOBE NEWSWIRE) -- SIRIOS INC. RESOURCES (TSX-V: SOI) (the “Corporation") is pleased to announce the completion of the second and final tranche of its previously announced non-brokered private placement, for additional gross proceeds of $2,045,200 (the “Offering”). The aggregate gross proceeds of the offering, including proceeds from the first tranche, previously closed on December 11, 2020, are $3,430,590. In connection with this Offering, the Corporation issued (i) 7,395,556 additional Quebec flow-through units of the Corporation (the “Quebec FT Units”) at a price of $0.18 per Quebec FT Unit, for an amount of $1,331,200, and (ii) 4,200,000 additional national flow-through units of the Corporation (the “National FT Units”), at a price of $0.17 per National FT Unit, for an amount of $714,000.

Each Quebec FT Unit and each National FT Unit consists of one common share of the share capital of the Corporation and one half of a warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder thereof to acquire one additional common share of the share capital of the Corporation for a period of 18 months from the closing of the first tranche of the private placement at a price of $0.23.

All securities issued pursuant to this Offering are subject to a hold period of four months and a day, ending on April 17, 2021, under applicable Canadian securities legislation. The Offering has received conditional approval from the TSX Venture Exchange and remains subject to the final approval of the TSX Venture Exchange. Intermediation fees totalling $122,442 were paid to intermediaries in connection with the second tranche of the Offering.

The proceeds of this Offering will be mainly used to advance an important diamond drilling program on the Cheechoo gold project. The Cheechoo property is located at Eeyou Istchee Baie James in the immediate vicinity of Newmont Corporation’s Éléonore gold mine. Please see the Corporation’s website for more information on this project.

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 Quebec, Canada. Sirios Resources Inc. focuses its work mainly on its Cheechoo gold discovery, while actively exploring the high auriferous potential of its other properties.

For more information, visit our website at www.sirios.com or contact:

Dominique Doucet, President, Eng.
514-918-2867
ddoucet@sirios.com

Certain information contained in the press release are subject to receipt of all regulatory approvals. 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 the intended use of proceeds of the Offering, the final approval of the TSX Venture Exchange in connection with the Offering, the development of the Cheechoo project 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 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 assumptions may prove to be incorrect. Many of 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 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 differ materially from forward looking information can be found in the Corporation’s disclosure 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 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 differ 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 statements or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.