SIR Serengeti Resources Inc

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES


SIR Royalty Income Fund (TSX:SRV.UN) (the "Fund") announced today that the Fund
and SIR Corp. ("SIR") have entered into an agreement with a syndicate of
underwriters led by BMO Capital Markets and including CIBC, RBC Capital Markets
and Raymond James Ltd. in connection with the previously announced proposed
secondary offering (the "Offering") by SIR of units of the Fund ("Units") on
February 21, 2013. Under the agreement, the syndicate has agreed to purchase
895,000 Units at a purchase price of $12.30 per Unit for gross proceeds of
$11,008,500. The Units are being sold to the syndicate by SIR. The transaction
is expected to close on or about March 14, 2013. Closing is subject to a number
of customary conditions, including the filing of a final short form prospectus
in each of the provinces and territories of Canada, other than Quebec, and the
receipt of all necessary regulatory approvals.


SIR Corp. currently holds class A GP units ("Class A GP Units") of SIR Royalty
Limited Partnership which are exchangeable for 3,082,951 Units of the Fund,
representing an indirect 34.4% interest in the Fund. Prior to closing of the
Offering, SIR will exchange 895,000 Class A GP Units for 895,000 Units to be
sold pursuant to the Offering. Following the closing of the Offering, SIR
expects to beneficially own an aggregate of 2,187,951 Class A GP Units,
representing an equivalent beneficial ownership of 2,187,951 Units, or
approximately a 24.4% indirect interest in the Fund (on a fully-diluted basis).


The Fund will not receive any proceeds from the Offering.

This press release does not constitute an offer to sell or the solicitation of
an offer to buy the offered Units. There will not be any sale or any acceptance
of an offer to buy the offered Units until a receipt for the final prospectus
has been issued.


This press release does not constitute an offer to sell or a solicitation of an
offer to sell units of the Fund in the United States. These securities have not
been and will not be registered under the United States Securities Act of 1933,
as amended (the "U.S. Securities Act") or any state securities laws and may not
be offered or sold in the United States except in compliance with the
registration requirements of the U.S. Securities Act and applicable state
securities laws or pursuant to an exemption therefrom.


About SIR Corp.

SIR is a privately held Canadian corporation that owns and operates a portfolio
of 52 restaurants in Canada, 50 of which are included in the pool of restaurants
against which SIR pays a 6% royalty to the SIR Royalty Limited Partnership.
SIR's Concept brands include: Jack Astor's Bar and Grill(R), with 35 locations;
Alice Fazooli's(R), with four locations; and Canyon Creek Chop House(R), with
eight locations. SIR also operates one-of-a-kind "Signature" brands in downtown
Toronto, which comprise the upscale Reds(R) Wine Tavern, Far
Niente(R)/FOUR(R)/Petit Four(R), and the Loose Moose Tap & Grill(R). All
trademarks related to the Concept and Signature brands noted above are used by
SIR under a License and Royalty Agreement with SIR Royalty Limited Partnership
in consideration for the royalty.


About SIR Royalty Income Fund

The Fund is a trust governed by the laws of the province of Ontario that
receives distribution income from its indirect investment in the SIR Royalty
Limited Partnership and interest income from its loan to SIR.


Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements. The statements that are
concerning the Offering are forward-looking statements. The words "may", "will"
and similar expressions and the negative of such expressions are intended to
identify forward-looking statements, although not all forward-looking statements
contain these identifying words. These forward-looking statements are subject to
important assumptions, including general market conditions at the time of the
Offering. The Offering may not be completed or may not be completed on the same
terms as previously announced. While the Fund considers these factors and
assumptions to be reasonable based on the information currently available, they
may prove to be incorrect.


FOR FURTHER INFORMATION PLEASE CONTACT: 
SIR Corp.
Peter Fowler
CEO
905-681-2997

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