SX:CC - Flow-Through Shares Offering Financing & Extension of Warrants
(TheNewswire)
Montréal – TheNewswire - September 2, 2022 – St-Georges Eco-Mining Corp. (CSE:SX)(OTC:SXOOF) (FSE:85G1) is pleased to announcea non-brokered private placement offering of “flow-through” unitsat a price of $0.325 for total gross proceeds of up to$4,500,000.
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 FTShare purchase warrant (each, a “ FT Warrant ”).
Each FT Warrant entitles the holder thereof to purchasea Share at an exercise price of $0.36 per Share. Thewarrants will expire 36months after their issuance or 30 days afterthe issuance of a press release accelerating the expiration of thewarrants.
In the event that the trading price of the Shares onthe Canadian Securities Exchange (the “ CSE ”)reaches $0.75 per Share onany single day , the Corporation may, at itsoption, accelerate the Warrant Expiry Date by delivery of notice tothe registered 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 flow-through proceeds ofthe Offering to further advance the exploration effort on theManicouagan Project in Québec.
A finder's fee might be paid on the Offering, subjectto the policies of the CSE. The securities issued in connection withthe Offering are subject to the applicable statutory four months andone day hold period.
Management has received interest from institutionalinvestors for the majority of the Offering and thus expects to be ableto close the Offering before the end of the month of Septemberfollowing the publishing of its audited financial statements on SEDAR.The closing of the Offering is subject to receipt of applicableregulatory approvals, including the approval of the CSE.
Other financing efforts related to the EVSX recyclingplants and operations are being reviewed. The Company is not expectingto issue equity but, instead, is in talks with institutions to issuedebt and bonds and potentially conduct a green bond offering withcertain institutions following the reception of the feasibilitystudy.
Extension of Warrants Validity
The Company also announces that, following multiplerequests from past subscribers, it is extendingthe validity of warrants currently active:
Warrants issued on February 5, 2021 (1,428,571):
Original Terms: Exercise Price $0.21 for a period of 24 months followingthe Closing Date.
New Terms: Exercise Price $0.21 for a period of 36 months followingthe Closing Date.
Warrants issued on March 3, 2021,& part of a Non-Flow-Through Unit (10,000,000):
Original Terms: Exercise Price $0.65 for a period of 18 months followingthe Closing Date, and CDN$1.05 for the 18 months thereafter.
New Terms: Exercise Price $0.65 for a period of 30 months followingthe Closing Date, and CDN$1.05 for the 6 months thereafter.
Warrants issued on March 3, 2021,& part of a Flow-Through Unit (7,831,632):
Original Terms: Exercise Price $0.75 for a period of 18 months followingthe Closing Date, and CDN$1.25 for the 18 months thereafter.
New Terms: Exercise Price $0.75 for a period of 30 months followingthe Closing Date, and CDN$1.55 for the 6 months thereafter.
Warrants issued on March 12, 2021,& part of a Flow-Through Unit (1,083,333):
Original Terms: Exercise Price $0.75 for a period of 18 months followingthe Closing Date, and CDN$1.25 for the 18 months thereafter.
New Terms: Exercise Price $0.75 for a period of 30 months followingthe Closing Date, and CDN$1.25 for the 6 months thereafter.
Warrants issued on November 30, 2021,& part of a Flow-Through Unit (5,063,636):
Original Terms: Exercise Price $0.65 for a period of 24 months followingthe Closing Date.
New Terms: Exercise Price $0.65 for a period of 36 months followingthe Closing Date.
Warrants issued on December 21, 2021,& part of a Non-Flow-Through Unit (4,185,714):
Original Terms: Exercise Price $0.40 for a period of 18 months followingthe Closing Date.
New Terms: Exercise Price $0.40 for a period of 30 months followingthe Closing Date.
________________________________________________________________________________
ON BEHALF OF THE BOARD OF DIRECTORS
“Frank Dumas”
FRANK DUMAS
Chief Operating Officer & Director
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 EV battery recycling. TheCompany explores for nickel & PGEs on the Julie Nickel Project andthe Manicouagan Palladium Project on Quebec’s North Shore and hasmultiple exploration projects in Iceland, including the Thor GoldProject. Headquartered in Montreal, St-Georges’ stock is listed onthe CSE under the symbol SX and trades on the Frankfurt Stock Exchangeunder the symbol 85G1 and on the OTCQB Venture Market for early stageand developing U.S. and international companies. Companies are currentin their reporting and undergo an annual verification and managementcertification process. Investors can find Real-Time quotes and marketinformation for the company on www.otcmarkets.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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