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Sphinx Closes $ 276,500 Private Placement Financing

MONTREAL, QUEBEC -- (Marketwired) -- 09/22/16 -- Sphinx Resources Ltd. ("Sphinx" or the "Corporation") (TSX VENTURE: SFX) announces that it closed on September 22, 2016 the first tranche of a non-brokered private placement (the "Private Placement") for aggregate gross proceeds of $276,500. The Private Placement was comprised of 5,530,000 units of the Corporation at a price of $0.05 per unit. Each unit (a "Unit") consists of one common share in the capital of the Corporation and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to acquire one common share at a price of $0.08 per common share until September 22, 2019. The securities of the Corporation to be issued pursuant to the Private Placement are subject to a four-month hold period expiring January 23, 2017.

Management and one director of the Corporation subscribed for an amount of $15,000 of the Private Placement.

As part of the financing, the Societe d'investissement dans la diversification de l'exploration ("SIDEX") subscribed for 1,000,000 units for gross proceeds of $50,000 under its "Field Action 2016" program. SIDEX was established in 2001 by the Government of Quebec and the Fonds de solidarite des travailleurs du Quebec (F.T.Q.). The mission of SIDEX is to invest in mineral exploration companies working in Quebec to diversify Quebec's mineral base. SIDEX encourages companies to explore for new substances, to use new metallogenic models and to open new territories. SIDEX also helps to promote entrepreneurship and innovation.

The net proceeds of the Private Placement will be used to fund the Corporation's precious metals exploration projects (Cheechoo Eleonore Trend, Chemin Troilus and Green Palladium) and for general working capital purposes. The Private Placement has been conditionally accepted by the TSX Venture Exchange.

In connection with the Private Placement, the Corporation has agreed to pay to certain finders a finder's fee of up to 7% in cash, representing an aggregate amount of up to $13,755, and will issue 173,600 non-transferable finders Warrants, each such entitling the finder to acquire one common share at a price of $0.08 per common share for a period of three years from the date of grant.

Annual general and special meeting of shareholders

An amendment was made to each of the notice of annual general and special meeting of shareholders and the management information circular, each dated September 7, 2016, whereby the record date is amended from July 29, 2016 to August 25, 2016. The record date should have been August 25, 2016 and a discrepancy was inadvertently included in both documents.

About Sphinx

Sphinx is engaged in the generation and acquisition of exploration projects in Quebec, Canada which is recognized as an attractive mining jurisdiction worldwide.

For further information, please consult Sphinx's website: www.sphinxresources.ca

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.

This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results and activities to vary materially from targeted results and planning. Such risks and uncertainties include those described in Sphinx's periodic reports including the annual report or in the filings made by Sphinx from time to time with securities regulatory authorities.

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