SXOOF - St-Georges Closes Oversubscribed Financing
(TheNewswire)
Montreal - TheNewswire - November 25, 2020 - St-Georges Eco-Mining Corp. (CSE:SX)(C NSX :SX. CN ) (OTC:SXOOF) (FSE:85G1) is pleased to announce that, further to its November 17, 2020press release, it has closed a second and final tranche of 2,150,000 "flow-through" Shares at $0.10 per FT Share, and 6,400,000 units at a price of$0.10 per Unit of its non-brokered private placement, for aggregategross proceeds of $855,000. Together with the offering tranche closedlast week, the company raised $2,025,000 in total financing .
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 November24, 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 a total of $4,000 of finder's feeson this second tranche.
All securities issued pursuant to this tranche of theOffering are subject to the applicable statutory hold period endingMarch 25, 2021. The Offering is subject to the approval of the CSE.
Insiders' participation:
Vilhjalmur Thor Vilhjalmsson $50,000
Frank Dumas, $90,000
Enrico Di Cesare $25,000
Mark Billings $20,000
Richard Barnett $15,000
Total placees: 15
Multilateral Instrument 61-101
Given the proposed participation of the insiderholders, the proposed financing constitutes a "related partytransaction" within the meaning of Multilateral Instrument 61-101- Protection of Minority Security holders in Special Transactions("MI 61-101").
St-Georges is relying on an exemption to both theformal valuation and the minority shareholder approval requirements of MI 61-101, as neither the fair market valueof the Units to be distributed to, nor the fair market value of theconsideration to be received by St-Georges from the insider holders inconnection with the proposed financing exceeds 25% of St-Georges'share capitalisation.
ON BEHALF OF THE BOARD OF DIRECTORS
"Francois(Frank) Dumas"
FRANK DUMAS
COO & 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 Julie Nickel Project and theManicougan Palladium Project on the Quebec'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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