Sirios announces a Private Placement

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

MONTREAL, April 16, 2024 (GLOBE NEWSWIRE) -- SIRIOS RESOURCES INC. (TSX-V: SOI) (the “Corporation”) announces its intention to complete a non-brokered private placement with investors relying on a prospectus exemption pursuant to Regulation 45-106 respecting Prospectus Exemptions for gross proceeds of up to $1,800,000 (the “Offering”). This Offering consists of the issuance of a maximum of 30,000,000 Units at a price of $0.06 per Unit. 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 $0.12 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 for general and corporate working capital purposes.

The Common Shares and the Warrants issued pursuant to this Offering will be subject to a restricted hold period of four months and one day following the closing of the Offering.

Final Closing of the Flow Through Offering

The Corporation also announces its intention to close a second tranche of its flow-through shares offering (the “FT Offering”), previously announced on March 27, 2024, on or about to April 24, 2024, for aggregate gross proceeds of $650,000, consisting of the issuance of a maximum aggregate of 10,000,000 Common Shares (the “Flow-Through Shares”), at a price of $0.065 per Flow-Through Share. The Flow-Through Share will be issued as “flow-through shares” pursuant to section 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec). The gross proceeds of the Flow-Through Offering will be mainly used to finance the exploration work on its Cheechoo gold project. The Flow-Through Shares issued under the Flow-Through Offering will be subject to a hold period of four months and one day following the closing of the Flow-Through Offering.

Both the Offering and the Flow-Through Offering remain subject to the final approval of the Exchange.

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.