Sirios grants Brunswick right to purchase a royalty on select claims of the Mirage Property
In This Article:
MONTREAL, April 08, 2024 (GLOBE NEWSWIRE) -- The directors of Sirios Resources Inc. (TSX-V: SOI; OTCQB: SIREF) (“Sirios”) are pleased to announce that Sirios has signed an agreement with Brunswick Exploration Inc. (“Brunswick”) granting it the right to purchase a 0.5% Net Smelter Return (“NSR”) held by Sirios on 8 claims that are part of Brunswick Exploration’s Mirage lithium property located in Eeyou Istchee James Bay (ref. : 29/08/2023 Press Release).
Under the terms of the purchase agreement, Brunswick shall:
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Make a cash payment of $50,000 within five business days of the agreement’s effective date;
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Pay installments in cash, shares or a combination of both subject to a minimum 25% in cash (share amount calculated based on 10-day Volume Weighted Average Share Price preceding the date of the payment and subject to a $0.40 minimum share price) to Sirios according to the following schedule:
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$100,000, on or before a three-month period;
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$100,000, on or before a six-month period;
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$100,000, on or before a nine-month period.
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Upon start of mineral extraction over the claims covered by this agreement, Brunswick will make a further milestone payment to Sirios of $250,000 in cash or an amount in shares (subject to a $0.40 minimum share price) or a combination of both, at Brunswick’s discretion.
About Sirios
Sirios Resources is a Quebec-based mineral exploration company focused on developing its portfolio of high-potential gold properties in Eeyou Istchee James Bay, Canada.
About Brunswick Exploration
Brunswick Exploration is a Montreal-based mineral exploration company listed on the TSX-V under symbol BRW. The Company is focused on grassroots exploration for lithium in Canada, a critical metal necessary to global decarbonization and energy transition. The company is rapidly advancing the most extensive grassroots lithium property portfolio in Canada.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of applicable Canadian securities laws based on expectations, estimates and projections as of the date of this press release. Forward-looking statements involve risks, uncertainties and other factors that could cause actual events, results, performance, expectations, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those indicated in such forward-looking statements include, but are not limited to : the exercise of the option by Brunswick, uncertainties related to the availability and cost of necessary financing in the future, changes in financial markets; delays in project development; other risks related to the mineral exploration and development industry; and risks disclosed in public filings of Sirios on SEDAR+ at www.sedarplus.ca. Although Sirios believes that the assumptions and factors used in preparing the forward-looking statements contained in this news release are reasonable, readers should not place undue reliance on this information, which speaks only as of the date of this news release, and there can be no assurance that such event will occur within the time periods presented. Sirios disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.