SXOOF - King of the North Corp; Proposed Acquisition Terminated
(TheNewswire)
Montréal – TheNewswire - December 2, 2020 – St-Georges Eco-Mining Corp.(CSE:SX) (OTC:SXOOF)(FSE:85G1) (CNSX:SX.CN) announces the termination of the letter agreement withBWA Group Plc to acquire 100% of King of the North Corp., as outlinedin the Corporation’s news release of August 21, and November 16,2020.
St-Georges continued to work through the necessary duediligence and closing procedures to complete the acquisition. Howeverdespite significant efforts to negotiate debt settlement agreements onbehalf of BWA with their creditors, relating to the conditionsprecedent per the Agreement, it is St-Georges’ position that thecounter party was unwilling to close on the agreed upon contractualterms and therefore it was in the best interests of shareholders toterminate the arrangement.
St-Georges has commenced the process of consulting withits legal advisors to seek full reimbursement and compensation of itsexpenses related to the Agreement, and outstanding debts of BWA andKOTN, as well as, to review potential actions on behalf of itsshareholders, and as a shareholder and debtholder of BWA.
Vilhjalmur Thor Vilhjalmsson, President and CEO, states“Although St-Georges is disappointed that the acquisition did notclose in accordance with its terms, and that it could not salvage KOTNfrom BWA’s failure to properly finance its development and maintainits assets, St-Georges will continue to pursue strategic acquisitionsand is committed to its current assets, with a focus on developingassets in Quebec, Iceland and the metallurgical R&Dwork.”
The company holds 60,000,000 shares representing 19.65%of the outstanding BWA share capital and £2,150,000 convertible loannotes in BWA.
ON BEHALF OF THE BOARD OF DIRECTORS
“Vilhjalmur T. Vilhjalmsson”
VILHJALMUR THOR VILHJALMSSON
President & CEO
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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