Vancouver, British Columbia - TheNewswire - September 6, 2023 - SiQ Mountain Industries Inc. (NEX:SIQ.H) (the “Company” or “SiQ”) is pleased to announce that the previously announced non-brokered private placement (see the Company’s news release dated August 15, 2023) (the “Private Placement”) has closed on 4,000,000 common shares at a price of $0.05 per share.

In connection with the closing of the Private Placement the Company paid Canaccord Genuity Corp. $3,200.00 in cash as a finder’s fee.

The net proceeds of the Private Placement will primarily be used to fund a new strategic business plan as well as for general corporate and working capital purposes.

All common shares issued under the Private Placement will be subject to a hold period expiring on January 7, 2024 in accordance with applicable Canadian securities laws.  

In connection with the Private Placement, the Company issued common shares to persons that are directors or senior officers of the Company.  The Company has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 (“MI 61-101”) are available for the issuance of the common shares to these related parties. The Company relied on Section 5.5(c) of MI 61-101 for an exemption from the formal valuation requirement on the basis that the transaction was a distribution of securities for cash, and Section 5.7(1)(b) of MI 61-101 for an exemption from the minority approval requirement as the fair market value of the transaction was not more than $2,500,000.

On behalf of the Board of Directors,

James R. Bond, CEO and President

Cautionary Note Regarding Forward-Looking Statements

Forward-looking statements contained in this news release include statements regarding the closing of the Private Placement (including receipt of all required regulatory approvals), the number of Common Shares sold pursuant to the Private Placement, the insider participation in the Private Placement and the use of proceeds from the Private Placement, Although the Company believes that the expectations reflected in such forward-looking statements and/or information are reasonable, undue reliance should not be placed on forward-looking statements since the Company can give no assurance that such expectations will prove to be correct. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements, including but not limited to risks related to: receipt of required regulatory approvals for, the closing of the Private Placement, and insider participation in the Private Placement.  

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

For further information, please contact: