Sirios Closed a Private Placement of $430,000
December 19 2024 - 9:00AM
SIRIOS RESOURCES INC. (TSX-V: SOI) (the
"
Corporation") announces that it has closed its
previously announced non-brokered private placement for a gross
proceeds of $430,000 (the "
Offering"). The
Offering consisted of the issuance of 8,600,000 units of the
Corporation (the "
Units") at a price of $0.05 per
Unit. Each Unit consists of one common share of the capital 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 $0.08 per Common Share for a period of
twenty-four (24) months from the date of issuance.
The net proceeds from the sale of the Units will
be mainly used by the Corporation to advance its Cheechoo gold
project, as well as for general and corporate working capital
purposes.
No finder’s fees were paid under the Offering.
The Common Shares and the Warrants issued pursuant to this Offering
are subject to a restricted hold period of four months and one day,
ending on April 20, 2025, under applicable Canadian securities
laws. The Offering remains subject to the final approval of the TSX
Venture Exchange (the "TSXV"). Depending on market
conditions, the Corporation may decide to close additional tranches
of the Offering.
Under the Offering, insiders of the Corporation
have subscribed for a total of 900,000 Units for a total
consideration of $45,000, 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, insiders that participated in the Offering disclosed their
interests in the Offering and the directors of the Corporation who
voted in favour of the 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 market value
of the Units issued to insiders, nor the fair market value of the
consideration paid exceeded 25% of the Corporation’s market
capitalization. None of the Corporation’ 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 Offering due to
the fact that the terms of the participation of each of the
non-related parties and the related parties in the Offering were
not confirmed.
This new 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 ResourcesSirios
Resources is a mining exploration company based in Quebec,
focused on developing its portfolio of high-potential gold
properties in the Eeyou Istchee James Bay, Canada.
Forward-Looking StatementsAll
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 TSXV in connection with the Offering, the closing of additional
tranches of the Offering, and, generally, the above "About Sirios
Resources" paragraph which essentially described 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 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.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 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
statement or to explain any material difference between subsequent
actual events and such forward-looking statements, except to the
extent required by applicable law.
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.
Contact:Dominique Doucet, Eng.,
PresidentPhone: 450-482-0603info@sirios.comWebsite:
www.sirios.com
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