SXOOF - St-Georges Closes First Tranche of Offering
(TheNewswire)
Montreal - TheNewswire - November 19, 2020 - St-Georges Eco-Mining Corp.(CSE:SX) (CNSX:SX.CN) (OTC:SXOOF) (FSE:85G1) i s pleased toannounce that, further to its November 17, 2020 press release, it hasclosed a first tranche of 11,500,000 "flow-through" Shares at$0.10 per FT Share, and 200,000 units at a price of $0.10 per Unit ofits non-brokered private placement for aggregate gross proceeds of$1,170,000.
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 " Unit Warrant "), entitling the holder topurchase one (1) Share at an exercise price of $0.185 until November19, 2022 (the " WarrantExpiry 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$0.45 per 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 issuinga press release (a " Warrant Acceleration Press Release ", and,in such case, 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 nickel extraction technology, exploration atthe Julie Nickel and Manicouagan Palladium Project in Quebec, and toinitiate the definition of a maiden gold resource estimate at the ThorGold project in the suburbs of Reykjavik, Iceland.
The Corporation paid finder fee of $69,000 in cash andissued 690,000 non-transferable Finder's warrants entitling the holderthereof to purchase one (1) Share at an exercise price of $0.20 perShare until the Warrant Expiry Date.
All securities issued pursuant to this tranche of theOffering are subject to the applicable statutory hold period endingMarch 20, 2021. The Offering is subject to the approval of the CSE.
St-Georges Management expects to complete its reviewand curing of the remaining subscriptions that have been receivedwithin the next few days. Including the amount disclosed in this firsttranche, the total amount of subscriptions received and being underreview is of $1,870,000. Management will not be accepting anyadditional participation request.
ON BEHALF OF THE BOARD OF DIRECTORS
"FrankDumas"
FRANCOIS (FRANK) DUMAS
CHIEF OPERATING OFFICER, DIRECTOR.
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 JulieNickel Project and the Manicougan Palladium Project on the Quebec'sNorth Shore. Headquartered in Montreal, St-Georges' stock is listed onthe CSE under the symbol SX, on the US OTC under the Symbol SXOOF andon the Frankfurt 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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