Business
Sirios Resources completes Capital Raise of $150,000.00
MONTREAL, Nov. 02, 2023 (GLOBE NEWSWIRE) -- SIRIOS RESOURCES INC. (TSX-V: SOI) (the “Corporation”) announces that it has closed a non-brokered private placement
About this update from Sirios Resources, Inc.
[{"type":"text","content":" MONTREAL, Nov. 02, 2023 (GLOBE NEWSWIRE) -- SIRIOS RESOURCES INC. (TSX-V: SOI) (the “Corporation”) announces that it has closed a non-brokered private placement for aggregate gross proceeds of $150,000.00 (the “Offering”). The Offering consisted of the issuance of 800,000 common shares of the Corporation (the “Common Shares”) at a price of 0.05$ per Common Share and of 1,375,000 Common Shares 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 “Flow-Through Shares”, collectively with Common Shares, the “Shares”), at a price of 0.08$ per Flow-Through Share. The gross proceeds of the Offering from the sale of the Common Shares will be mainly used by the Corporation for general working capital and other administrative expenses, as the gross proceeds of the Offering from the sale of the Flow-Through Shares will be mainly used to finance the exploration work on its Cheechoo gold project. No finder’s fees were paid in connection with this Offering. The Shares issued pursuant to this Offering are subject to a restricted hold period of four months and one day, ending on March 3, 2024, under applicable Canadian securities laws. The Offering remains subject to the final approval of the TSX Venture Exchange. Under the Offering, insiders of the Corporation collectively subscribed for a total of 537,500 Shares for a total consideration of $31,000.00, 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 Shares 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 r...