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Sirios Resources (TSXV:SOI) has announced a non-brokered private placement

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The company is looking to raise gross proceeds of up to $2.1 million from the placement of up to 14 million units priced at $0.15 per unit. The units consist of 1 share and one-half a warrant, with each full warrant exercisable at $0.23 for 18 months.

Additional Information:

Company: Sirios Resources
Website: http://www.sirios.com
Stock Symbol: TSXV: SOI
Date Published: Nov 26, 2020
Transcript: Available

Video Transcript:

I’m Cassandra Bolinski for Investmentpitch Media

Sirios Resources has announced a non-brokered private placement.

The company is looking to raise gross proceeds of up to $2.1 million from the placement of up to 14 million units priced at $0.15 per unit.

The units consist of 1 share and one-half a warrant, with each full warrant exercisable at $0.23 for 18 months.

The shares are currently trading at $0.14.

The proceeds will be mainly used to advance the company’s Cheechoo gold project as well as for general purposes.

Sirios is a pioneer in the discovery of significant gold deposits in the Eeyou Istchee James Bay region of Quebec.

The 100% owned Cheechoo property is located approximately 800 kilometres north of Montreal and less than 10 kilometres from Newmont’s Eleonore gold mine.

Although focusing on its Cheechoo gold discovery, the company is actively exploring the high auriferous potential of its other properties.

Based on last winter's 5,237 metre drill program the company recently released an updated resource estimate which added an additional 355,000 ounces of gold to its initial resource estimate, representing an increase of 22%.

The new resource estimate for this open-pit model includes an inferred resource of 1.96 million ounces of gold, contained in 93.0 million tonnes at an average grade of 0.65 grams of gold per tonne.

The black-outlined conceptual pit contained the initial resource estimate of 1.6 million ounces of gold with the green-outlined area including the new resource estimate of 1.96 million ounces of gold.

There is significant potential to increase the mineral resource on the Cheechoo property, should an agreement be reached with the owners of the neighboring property allowing the company to gain access to this material.

Dominique Doucet, President and CEO, stated: "We are very pleased with the updated mineral resource estimate on Cheechoo. With relatively little drilling and at a low cost, we have significantly increased the size of the mineral resource on the property, demonstrating that the project improves every time work is carried out. The Cheechoo project has additional favorable characteristics including, among others, excellent gold recovery, a very low stripping ratio (1.1), proximity to existing infrastructure, as well as excellent exploration potential. We are very confident that future work will continue to increase the value of the project."

For more information, please visit the company’s website at www.sirios.com, contact Dominique Doucet, President, at 514-918-2867 or by email at ddoucet@sirios.com.

I’m Cassandra Bolinski for Investmentpitch Media