SXOOF - Closing of Oversubscribed Securities Offering
(TheNewswire)
Montréal – TheNewswire - March 11, 2021 – St-Georges Eco-Mining Corp.(CSE:SX) (OTC:SXOOF)(FSE:85G1) (CNSX:SX.CN) is pleased to announce a secondand final tranche closing of non-brokered private placement offeringof 1,083,333 “flow-through” units at a price of $0.60 subscribedby one institutional investor. The gross proceeds of this finaltranche amount to $649,999.80. The total gross proceeds of alltranches of the initially proposed $10 million financing adds up to$10,348,979.20.
Each FT Unit is comprised of one (1) common share inthe capital of the Company on a “flow-through” basis (each, a“ FT Share ”) and one (1)FT Share purchase warrant (each, a “ FT Warrant ”). EachFT Warrant entitles the holder thereof to purchase one (1) Share at an exercise price of $0.75 until first 18months from the issue and $1.25 for the 18 months thereafter, together36 months expiry period (the “ Warrant Expiry Date ”).
In the event that, during the period of 4 monthsfollowing the closing date of the Offering, the trading price of theShares on the Canadian Securities Exchange (the “ CSE ”) reaches $0.95per Share on any single day, the Corporation may, at its option,accelerate the Warrant Expiry Date by delivery of notice to theregistered holders (an “ Acceleration Notice ”) thereof and issuing apress release (a “ WarrantAcceleration Press Release ”, and, in suchcase, the Warrant Expiry Date shall be deemed to be 5:00 p.m.(Montreal time) on the 30th day following the later of (i) the date onwhich the Acceleration Notice is sent to warrant holders, and (ii) thedate of issuance of the Warrant Acceleration Press Release.
The Corporation will use the proceeds of the Offeringto further advance the exploration at the Julie Nickel and ManicouaganPalladium Project in Québec.
The Corporation paid finder fee of $42,250 in cash andissued 42,250 non-transferable Finder’s warrants entitling theholder thereof to purchase at an exercise price of $0.75, until theWarrant Expiry Date.
All securities issued pursuant to this tranche of theOffering are subject to the applicable statutory hold period endingJuly 13, 2021. The Offering is subject to the approval of the CSE.
ON BEHALF OF THE BOARD OF DIRECTORS
"Neha E.Tally"
NEHA EDAH TALLY
Corporate Secretary
About St-Georges
St-Georges is developing new technologies to solve someof the most common environmental problems in the mining industry. TheCompany controls all the active mineral tenures in Iceland. It alsoexplores for nickel & PGEs on the Julie Nickel Project and theManicougan Palladium Project on the Québec’s North Shore.Headquartered in Montreal, St-Georges’ stock is listed on the CSEunder the symbol SX, on the US OTC under the Symbol SXOOF and on theFrankfurt Stock Exchange under the symbol 85G1
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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