SX:CC - St-Georges Closes First Tranche of Private Placement
(TheNewswire)
Montréal, QC - TheNewswire - June 26, 2023 - St-Georges Eco-Mining Corp. (CSE:SX) (OTC:SXOOF)(FSE:85G1) is pleased to announce that it hasclosed a $396,000 first tranche of a non-brokered private placementwith one institutional placee.
The maximum offering could be up to 6,666,667flow-through units at a price of $0.18 per FT Unit for aggregate grossproceeds of up to $1,200,000. Under the First Tranche, the Corporationissued 2,200,000 FT Units.
E ach FT Unit consists of onecommon share in the capital of the Corporation issued on a“flow-through” basis and one common share purchase warrant (each,a “ Warrant ”). Each Warrant will entitle the holder thereof topurchase one common share at an exercise price of $0.30 until the datethat is 36 months from the issuance date (the “ Expiry Date ”). Inthe event that the trading price of the common shares of St-Georges onthe Canadian Securities Exchange (the “ CSE ”) reaches $0.50on any single day, the Corporation may accelerate the Expiry Date byissuing a press release (the “ Acceleration Press Release ”). In such case,the Expiry Date shall be deemed to be the date specified in theAcceleration Press Release.
In connection with the First Tranche, the Corporationpaid cash finder's fees of $23,760 and issued an aggregate of 132,000compensation warrants (each, a “ Compensation Warrant ”) to eligible finders. Each Compensation Warrant entitlesthe holder thereof to acquire one common share in the capital of theCorporation at a price of $0.30 for a 36-month period from theissuance date.
St-Georges will use the proceeds of the Offering toincur exploration expenditures on the Corporation's critical andstrategic minerals exploration projects. The offering willprioritize the institutional investors who participated in priorfinancing efforts.
All securities issued in connection with the Offeringare subject to a statutory hold period of 4 months and a day inaccordance with applicable securities laws.
This press release does not constitute an offer to sellor a solicitation of an offer to buy any of the securities in theUnited States. The securities have not been and will not be registeredunder the United States Securities Act of 1933, as amended (the“ U.S. SecuritiesAct ”), or any state securities laws and maynot be offered or sold within the United States or to or for theaccount or benefit of a U.S. person (as defined in Regulation S underthe U.S. Securities Act) unless registered under the U.S. SecuritiesAct and applicable state securities laws or an exemption from suchregistration is available
ON BEHALF OF THE BOARD OF DIRECTORS
‘NehaTally’
NEHA TALLY
Corporate Secretary
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 battery recycling. TheCompany explores for nickel & PGEs on the Manicouagan and JulieProjects on Quebec’s North Shore and has multiple explorationprojects in Iceland, including the Thor Gold Project. Headquartered inMontreal, St-Georges’ stock is listed on the CSE under the symbol SXand trades on the Frankfurt Stock Exchange under the symbol 85G1 andas SXOOF on the OTCQB Venture Market for early stage and developingU.S. and international companies. Companies are current in theirreporting and undergo an annual verification and managementcertification process. Investors can find Real-Time quotes and marketinformation for the company on www.otcmarkets.com
Visit the Company website at www.stgeorgesecomining.com
For all other inquiries: public@stgeorgesecomining.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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