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

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.