Sphinx Resources Closes Financing with Quebec Institutions

MONTREAL, QUEBEC--(Marketwired - Dec 19, 2014) - Sphinx Resources Ltd. ("Sphinx" or the "Corporation") (TSX VENTURE:SFX) announces that it has closed a non-brokered private placement totalling $375,000 with Quebec-based institutions. The non-brokered financing is broken down as follows:

• $150,000 convertible debentures issued to the Fonds de solidarité FTQ ("Fonds").
• $75,000 convertible debentures issued to the Fonds régionaux de solidarité FTQ Nord-du-Québec; and
• $150,000 convertible debentures issued to the Société d'investissement dans la diversification de l'exploration ("SIDEX").

The convertible debentures will mature in 24 months and bear interest at a rate of 12% per year, payable in cash or shares every six months, at a price per share based on the 20-day volume weighted average price of the common shares ("VWAP") and subject to the TSX Venture Exchange approval. The debentures are convertible into common shares at a price of $0.13 during the term of the debenture. At the maturity date, each debenture can be repaid in cash or in shares at a price per share based on the VWAP, subject to TSX Venture Exchange approval. Each common share purchase warrant entitles the holder to purchase one common share at $0.17 for 24 months. The net proceeds will be used to advance the Corporation's exploration projects and for general corporate purposes.

About the Fonds

The Fonds de Solidarité FTQ is a development capital company that through the savings of Quebecers makes investments in all sectors of the economy to help create and maintain jobs and to further Quebec's economic growth.

About the Fonds régionaux de solidarité FTQ Nord-du-Québec

An integral part of the large Fonds de solidarité FTQ network since their inception in 1996, the Fonds régionaux de solidarité FTQ Nord-du-Québec is an active participant in the economic development of Québec's northern region.

About SIDEX

SIDEX is a limited partnership created by the Government of the Province of Quebec and the Fonds de solidarité FTQ to finance mining companies exploring in Quebec with the objective of diversifying the mineral inventory of the Province.

This press release was prepared by Normand Champigny, President and Chief Executive Officer of Sphinx.

About Sphinx

Sphinx is an exploration company focused on the development of mineral exploration projects in Quebec and on executing a roll-up strategy. The Corporation is committed to a leading standard of practice with respect to health, safety, community relations and environmental management.

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 to vary materially from targeted results. Such risks and uncertainties include those described in Sphinx's periodic reports including the annual report or in the filings made by Donner from time to time with securities regulatory authorities.