Sirios Resources closes $25-million private placement

Executive Summary

• Sirios Resources Inc. has closed a fully-subscribed $25 million brokered private placement offering under the Listed Issuer Financing Exemption (LIFE).
• The offering consisted of 40,740,740 Flow-Through (FT) units and 70,000,000 Hard-Dollar (HD) units, including the full exercise of over-allotment options.
• Net proceeds will be utilized for Canadian exploration expenses related to the company's projects, general corporate and administrative expenses, and working capital.

Key Details

• Total Gross Proceeds: Approximately $25,000,000.
• Flow-Through (FT) Units:
  • Quantity: 40,740,740 units.
  • Price: $0.27 per unit.
  • Composition: Each FT unit consists of one common share and one-half of one common share purchase warrant.
  • Tax Status: Shares and warrants qualify as flow-through shares under Subsection 66(15) of the Income Tax Act (Canada).
  • Use of Proceeds: Gross proceeds from FT units will be used to incur eligible Canadian exploration expenses (flow-through mining expenditures) on projects in Canada, to be renounced to initial subscribers on or before Dec. 31, 2026.
• Hard-Dollar (HD) Units:
  • Quantity: 70,000,000 units.
  • Price: $0.20 per unit.
  • Composition: Each HD unit consists of one common share and one-half of one common share purchase warrant.
  • Use of Proceeds: Net proceeds used for additional Canadian exploration expenses, general corporate/administrative expenses, and working capital.
• Warrant Terms:
  • Each warrant entitles the holder to purchase one non-flow-through common share.
  • Exercise Price: $0.30 per warrant share.
  • Expiration: March 18, 2027 (subject to acceleration in certain circumstances).
  • Adjustments: Subject to customary anti-dilution adjustments.
• Agency and Commissions:
  • Agents: National Bank Capital Markets and MDCP Securities Ltd. (co-bookrunners and co-lead agents).
  • Commission: Cash commission of $1,212,499.99 paid to agents.
• Insider Subscriptions:
  • Insiders subscribed for an aggregate of 1,100,000 HD units.
  • Gross Proceeds from Insiders: $220,000.
  • Regulatory Status: Exemptions from formal valuation and minority shareholder approval requirements under Multilateral Instrument 61-101 were relied upon, as the fair market value involving interested parties was not more than 25% of the company's market capitalization.
• Regulatory Status: Offering completed under the LIFE exemption (National Instrument 45-106); subject to final acceptance by the TSX Venture Exchange.

Notable Quotes

• No direct quotes from the CEO/President were included in the provided text.