Lembit Janes Announces Acquisition of Additional Trust Units of SIR Royalty Income Fund

TORONTO, March 15, 2021 /CNW/ - Lembit Janes today announced that he acquired, on March 12, 2021, 111,600 trust units ("Units") of SIR Royalty Income Fund (the "Fund") at an average purchase price of $6.26 per Unit, for an aggregate purchase price of $698,985, via the facilities of the Toronto Stock Exchange (collectively, the "Acquisitions").

Immediately prior to the Acquisitions, Mr. Janes exercised control or direction over an aggregate of 1,302,888 Units, representing approximately 15.56% of the 8,375,567 issued and outstanding Units as reported by the Fund in its management's discussion and analysis for the three-month and nine-month periods ended September 30, 2020. After giving effect to the Acquisitions, Mr. Janes exercised control or direction over an aggregate of 1,414,488 Units, representing approximately 16.89% of the outstanding Units. 

The Units were acquired for investment purposes only. Depending on market conditions and other factors, Mr. Janes or his affiliates may in the future increase or decrease their control or direction over securities of the Fund through open market transactions, private agreements or otherwise. Mr. Janes is committed to pursuing any and all alternatives that can maximize value for all unitholders of the Fund, including, without limitation, speaking with certain unitholders and other persons and continuing discussions with the trustees of the Fund.

Mr. Janes' address is c/o Janes Acquisition Corp., 181 Bay Street, Suite 4400, Brookfield Place, Toronto, Ontario, M5J 2T3. The Fund's principal and head office is located at 5360 South Service Road, Suite 200, Burlington, Ontario, L7L 5L1.

This press release is being issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issuers, which requires a report to be filed under the Fund's profile on SEDAR (www.sedar.com) containing additional information respecting the foregoing matters. A copy of such report may be obtained by contacting Mr. Lembit Janes at 416-882-7392 or by email at [email protected].

SOURCE Janes Acquisition Corp.

Mr. Lembit Janes can also be reached at 416-882-7392 or by email at [email protected]