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MONTREAL, Jan. 27, 2022 (GLOBE NEWSWIRE) -- Sirios Resources Inc. (TSXV: SOI) has closed the previously-announced $1.5 million strategic agreement into the Company through the issue of 21.5 million Sirios common shares (please see our 17/01/2022 press release). Concurrent with the closing of the financing, François Auclair P.Geo, M.Sc. has joined the Sirios board of directors.
Dominique Doucet, CEO of Sirios said: “We are pleased to welcome a new major shareholder in our company. This agreement is only the beginning of our collaboration with this strategic investor. We are also very pleased to welcome Mr. Auclair in Sirios’ Board of Directors. Sirios will benefit from his vast expertise as an exploration and development geologist as well as his experience as a mining industry executive. His skills and advice will be particularly helpful during the upcoming busy stages of development of the Cheechoo project.”
About François Auclair, P.Geo. Mr. Auclair is a consulting geologist with over 30 years of experience, gained in North and South America, Africa and Europe, working both in exploration and development of gold and base metals deposits. Mr. Auclair has worked for major mining companies such as the Noranda group and Ashanti GoldFields, as well as medium-sized producers, such as Rio Narcea Gold. Mr. Auclair was a member of Aur Resources’ Louvicourt VMS deposit discovery team. Presently, Mr Auclair is Vice President Exploration of Fancamp Exploration Ltd.
Following his appointment, the Board of Directors of Sirios approved on January 25 the granting of 250,000 stock options with an exercise price of $ 0.08 per share to Mr. Auclair. This granting is according to Sirios’ Stock Option Incentive Plan. These options expire five (5) years from the date of grant.
About the financing Sirios plans to use most of the proceeds further defining and analysing its Cheechoo gold property, including advancing both a 1 kg re-assaying program and a preliminary economic assessment (PEA) of its flagship Cheechoo gold project. The remainder of the funds will be used for working capital and corporate initiatives.
The financing remains subject to final approval of the TSX Venture Exchange. No finder's fees were paid for the placement. There will be a hold period of four months and one day on the common shares issued under this financing.
About the Cheechoo Property The Cheechoo gold property, wholly-owned by Sirios, is located in Eeyou Istchee James Bay, Quebec, less than 9 km from Newmont’s Eleonore gold mine. The latest resource estimate for the Cheechoo project (October 2020) estimated an inferred resource of 2.0 million ounces of gold contained in 93.0 million tonnes of rock at an average grade of 0.65 g/t Au, with significant potential to increase this resource (BBA, P-L. Richard, P. Geo.; J. Torrealba, P. Eng.; D. Evangelista, P. Eng., NI 43-101 Technical Report, Mineral Resource Estimate Update for The Cheechoo Project, 31/10/2020).
About Sirios A pioneer in the discovery of significant gold deposits in Eeyou Istchee James Bay, Quebec, Canada, Sirios Resources Inc. is focusing primarily on its Cheechoo gold discovery, while actively exploring the gold potential of its other properties.
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.
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, the development of the Cheechoo, Aquilon, Pontax, Niska, Maskwa and Tilly2 projects 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, Pontax, Niska, Maskwa and Tilly2 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Rules of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
