Sirios Resources closes $999,999 private placement at 0.07¢ Mr. Dominique Doucet reports
SIRIOS COMPLETES CAPITAL RAISE OF $999,999.28
Sirios Resources Inc. has closed a non-brokered private placement for aggregate gross proceeds of $999,999.28. The offering consisted of the issuance of 14,285,704 common shares of the corporation at a price of seven cents per common share. The net proceeds from the sale of the common shares will be mainly used by the corporation to advance its Cheechoo gold project.
Finder's fees totalling $66,780. were paid to finders in connection with this offering. The common shares issued pursuant to this offering are subject to a restricted hold period of four months and one day, ending on April 23, 2023, under applicable Canadian securities laws. The offering remains subject to the final approval of the TSX Venture Exchange.
A director of the corporation has subscribed in the offering for a total of $4,999.96, 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 common shares issued to insiders nor the fair market value of the consideration paid exceeded 25 per cent 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.
About Sirios Resources Inc.
A Pioneer in the discovery of significant gold deposits in the Eeyou Istchee James Bay region of Quebec, Canada, Sirios Resources focuses its work mainly on its Cheechoo gold discovery, while actively exploring the high auriferous potential of its other properties.