Montreal (Quebec) – The management of Sirios Resources Inc. (TSX-V: SOI) (the “Company”) is pleased to announce that it has completed the sale of the Pontax property, located in Eeyou Istchee James Bay, Quebec, pursuant to the term and conditions of the sale and purchase agreement (the “SPA”) entered into between the Company, Cygnus Metals Ltd. (formerly Cygnus Gold Ltd) (“Cygnus”) and its wholly owned Canadian subsidiary Avenir Metals (Canada) Limited, on February 16, 2023. As agreed, all ancillary agreements to the SPA were signed and the Company received a $1.2M cash payment as well as 750,000 shares of Cygnus.
As previously announced in the press release dated February 16, 2023, further payments and share issuances of up to $3 million and one million additional shares, respectively, are also anticipated in the event of a future delineation of a lithium resource on the Pontax property. The Company will also hold a 1.5% net smelter return royalty on the Pontax property with a buy-back clause by Cygnus for 0.75% in consideration of a $600,000 cash payment.
Sirios Resources Inc. is a Canadian-based mining exploration company focused on developing its portfolio of high-potential gold and lithium properties in the Eeyou Istchee James Bay region of Quebec.
Cygnus Metals Limited (ASX: CY5) is an emerging exploration company focused on advancing the Pontax Lithium Project (earning up to 70%) in the world class James Bay lithium district in Canada, as well as the Bencubbin Lithium Project and Snake Rock Project in Western Australia.