SXOOF - Closing of Securities Offering
(TheNewswire)
Montréal – TheNewswire - February 5, 2021 – St-Georges Eco-Mining Corp.(CSE:SX) (CNSX:SX.CN) (OTC:SXOOF) (FSE: 85G1) is pleased to announce that it has closed a non-brokeredprivate placement of 1,428,571 units at a price of $0.14 per Unit, foran aggregate gross proceeds of $200,000.
Each Unit is comprised of one (1) common share (each, a“ Share ”) in the capital of the Corporation and one (1) Sharepurchase warrant (each, a “ Warrant ”), entitling the holder to purchaseone (1) Share at an exercise price of $0.21 per Share until theearlier of: (i) February 5, 2023; and (ii) the date specified by theCorporation that is no less than 30 days after the Corporationdisseminates a news release providing notice that the trading price ofthe Shares on the Canadian Securities Exchange (the “ CSE ”), or suchother exchange on which the Shares may belisted, has reached $1.21 per Share on any single day.
The Corporation will use the proceeds to complete theresearch on the battery recycling and metal processing process.
An insider of the Corporation subscribed for the1,428,571 Units under the Offering, which is a “related partytransaction” within the meaning of Multilateral Instrument 61-101 - Protection of MinoritySecurity Holders in Special Transactions (“MI61-101”). The issuances to the insider are exempt from the valuationrequirement of MI 61-101 by virtue of the exemption contained insection 5.5(b) as the Corporation’s shares are not listed on aspecified market and from the minority shareholder approvalrequirements of MI 61-101 by virtue of the exemption contained insection 5.7(a) of MI 61-101 in that the fair market value of theconsideration of the securities issued to the related party did notexceed 25% of the Corporation's market capitalization. The Corporationdid not file a material change report more than 21 days before theexpected closing of the Offering as the details of the Offering andthe participation therein by related parties of the Corporation werenot settled until shortly prior to closing, and the Corporation wishedto close on an expedited basis for sound business reasons.
All securities issued pursuant to this tranche of theOffering are subject to the applicable statutory hold period endingJune 6, 2021. The Offering is subject to the approval of the CSE.
ON BEHALF OF THE BOARD OF DIRECTORS
"FrankDumas"
FRANCOIS (FRANK) DUMAS
COO
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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