Sirios completes Capital Raise of $1,175,325
July 28 2022 - 01:48PM
SIRIOS RESOURCES INC. (TSX-V: SOI)
(the “
Corporation”) announces that it has
closed a non-brokered private placement for aggregate gross
proceeds of $1,175,325 (the “
Offering”). The
Offering consisted of the issuance of 19 588 749 units of
the Corporation (the “
Units”) at a price of
$0.06 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 $0.10 per Common Share for a period of 24 months
from the date of issuance thereof. 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 in connection with
this 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 November 29th, 2022, under applicable
Canadian securities laws. The Offering remains subject to the final
approval of the TSX Venture Exchange.
The President and Chief Executive Officer has
subscribed in the Offering for a total of $12,000, 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 TSX Venture Exchange Policy 5.9
– Protection of Minority Security Holders in Special
Transactions. However, 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’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 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 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
ddoucet@sirios.com
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 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, 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, 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.
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