SX:CC - Closing of Another Tranche of the Ongoing Private Placement Offering
(TheNewswire)
Montréal - TheNewswire - October 31, 2023 - St-Georges Eco-Mining Corp. (CSE:SX) (OTC:SXOOF) (FSE:85G1) is pleased to announce the closing of a $350,000 tranche of its previously announced non-brokered private placementof units at a price of $0.10per Unit . An aggregate of 3,500,000 Units wasissued under the Second Tranche.
Each Unit consists of one common share in the capitalof the Corporation (each, a “ Share ”) and one Share purchase warrant(each, a “ Warrant ”). Each Warrant entitles the holderthereof to purchase one Share at a price of $0.15 until the date thatis 24 months from the issuance date of the Warrant.
In connection with this second tranche, the Corporationpaid cash finder's fees of $7,200 and issued 90,000 compensationwarrants (each, a “ Compensation Warrant ”) to Raymond James Ltd.Each Compensation Warrant entitles the holder to purchase one Share ata price of $0.15 until the date that is 24 months from the issuancedate of the Compensation Warrant.
All securities issued in connection with the PrivatePlacement are subject to a statutory hold period of 4 months and a day from theclosing of each tranche of the Private Placementin accordance with applicable securities laws. The Corporation will use the proceeds of the PrivatePlacement towards its battery recycling operation and general workingcapital.
Multilateral Instrument 61-101
Certain insiders of the Corporation participated in theSecond Tranche for a total of $75,000, which is a “related partytransaction” within the meaning of Multilateral Instrument 61-101Protection of Minority Security Holders in Special Transactions(“ MI 61-101 ”). The issuances to the insiders are exempt from thevaluation requirement of MI 61-101 by virtue of the exemptioncontained in section 5.5(b) as the Corporation’s shares are notlisted on a specified market and from the minority shareholderapproval requirements of MI 61-101 by virtue of the exemptioncontained in section 5.7(a) of MI 61-101 in that the fair market valueof the consideration of the securities issued to the related partiesdid not exceed 25% of the Corporation’s market capitalization.
On-Going Financing Offering
A First Tranche of $655,000, including $223,000 insiderparticipation, was closed on September 14, 2023.
This Second Tranche of $350,000 was closed toaccommodate certain placees, while it is expected that otherinterested participants will be in a position to finalize theirplacement before the end of the year. St-Georges expects to use theproceeds of this offering in connection with its battery recyclingoperations at the Thorold plant in the Niagara region inOntario.
This press release does notconstitute an offer to sell or a solicitation of an offer to buy anyof the securities in the United States. The securities have not beenand will not be registered under the United States Securities Act of1933, as amended (the “ U.S. Securities Act ”), or any state securities laws and maynot be offered or sold within the United States or to or for theaccount or benefit of a U.S. person (as defined in Regulation S underthe U.S. Securities Act) unless registered under the U.S. SecuritiesAct and applicable state securities laws or pursuant to an exemptionfrom such registration requirements.
ON BEHALF OF THE BOARD OF DIRECTORS
‘Neha Tally’
NEHA TALLY
Corporate Secretary
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 and 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 the CSE under the symbol SXand trades on the Frankfurt Stock Exchange under the symbol 85G1 andas SXOOF on the OTCQB Venture Market for early-stage and developingU.S. and international companies. Companies are current in theirreporting and undergo an annual verification and managementcertification process. Investors can find Real-Time quotes and marketinformation 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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