SX:CC - Closing of a $1925000 Financing Offering for the Manicouagan Critical Minerals Project
(TheNewswire)
Montréal - TheNewswire - November 23, 2023 - St-Georges Eco-Mining Corp. (CSE:SX) (OTC:SXOOF) (FSE:85G1) is pleased to announce that it has closed a non-brokeredprivate placement of 14,259,260 “flow-through” units at a price of $0.135 per Unit, for aggregate gross proceeds of $1,925,000 .
The financing wasarranged with two institutional investors who have supported theCompany’s efforts to explore the Manicouagan project over the years.This cash injection will allow the Company to immediately send asignificant amount of historical core samples to be tested forpalladium, platinum, rhodium & other PGEs, obtain the results ofthe 2023 Spring Campaign and finance a portion of the 2024 plannedSpring Campaign. It is expected that the analysis data will beintegrated to the final version of the NI 43-101 report currentlybeing prepared.
Each FT Unit is comprised of one common share in thecapital of the Corporation (the “Shares”) on a “flow-through”basis (each, a “FT Share”) and one FT Share purchase warrant(each, a “FT Warrant”). Each FT Warrant entitles the holderthereof to purchase one Share at an exercise price of $0.175 per shareuntil November 23, 2025 (the “Expiry Date”). In the event the trading price of the Shares of the Corporation on theCanadian Securities Exchange (the “CSE”) reaches $0.25 on any single day, theCorporation may accelerate the Expiry Date by issuing a notice to theholder (the “Notice”). In such case, the Expiry Date shall bedeemed to be the date specified in the Notice.
In connection with the Offering, the Corporation paid acash finder's fee of $115,500 and issued an aggregate of 855,556compensation warrants (each, a “Compensation Warrant”) to anarm’s length finder. Each Compensation Warrant entitles the holderthereof to acquire one common share in the capital of the Corporationat a price of $0.175 for a 2-year period from the closing date. Allsecurities issued pursuant to the Offering are subject to theapplicable statutory hold period ending March 24, 2024. The Offeringis subject to the approval of the CSE.
This press release does not constitute an offer to sellor a solicitation of an offer to buy any of the securities in theUnited States. The securities have not been and will not be registeredunder the United States Securities Act of 1933, as amended (the“U.S. Securities Act”), or any state securities laws and may notbe offered or sold within the United States or to or for the accountor benefit of a U.S. person (as defined in Regulation S under the U.S.Securities Act) unless registered under the U.S. Securities Act andapplicable state securities laws or an exemption from suchregistration is available.
ON BEHALF OF THE BOARD OF DIRECTORS
‘Neha Tally’
NEHA TALLY
Corporate Secretary
1. About St-Georges Eco-Mining Corp.
St-Georges develops new technologies to solve some ofthe most common environmental problems in the mining sector, includingmaximizing metal recovery and full-circle battery recycling. TheCompany explores for nickel & PGEs on the Manicouagan and JulieProjects on Quebec’s North Shore and has multiple explorationprojects in Iceland, including the Thor Gold Project. Headquartered inMontreal, St-Georges’ stock is listed on theCSE under the symbol SX and trades on the Frankfurt Stock Exchangeunder the symbol 85G1 and as SXOOF on the OTCQB Venture Market forearly stage and developing U.S. and international companies. Companiesare current in their reporting and undergo an annual verification andmanagement certification process. Investors can find Real-Time quotesand market information for the company on www.otcmarkets.com
Visit the Company website at www.stgeorgesecomining.com
For all other inquiries: public@stgeorgesecomining.com
The Canadian Securities Exchange(CSE) has not reviewed and does not accept responsibility for theadequacy or the accuracy of the contents of this release.
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