SX:CC - St-Georges Closes the Second & Final Tranche its Financing Offering for the Manicouagan Critical Minerals Project
(TheNewswire)
Montréal – TheNewswire - December 20, 2023 – St-GeorgesEco-Mining Corp. (CSE:SX) (OTC:SXOOF) (FSE:85G1) is pleased to announcethat it has closed a second and final tranche of its non-brokeredprivate placement of 7,703,700 “flow-through” units at a price of $0.135 per Unit, for aggregate gross proceeds for this second tranche of $1,039,999.50 .
The financing was arranged with two institutionalinvestors who have supported the Company’s efforts to explore theManicouagan project over the years. This cash injection will allow theCompany to finance a portion of the 2024 planned explorationCampaign.
Each FT Unit is comprised of one common share in thecapital of the Corporation (the “Shares”) on a “flow-through”basis (each, a “FT Share”) and one FT Share purchase warrant(each, a “FT Warrant”). Each FT Warrant entitles the holderthereof to purchase one Share at an exercise price of $0.175 per shareuntil December 21, 2025 (the “Expiry Date”). In the event the trading price of the Shares of the Corporation on theCanadian Securities Exchange (the “CSE”) reaches $0.25 on any single day, theCorporation may accelerate the Expiry Date by issuing a notice to theholder (the “Notice”). In such case, the Expiry Date shall bedeemed to be the date specified in the Notice.
In connection with the Offering, the Corporation paid acash finder's fee of $62,400 and issued an aggregate of 462,222compensation warrants to an arm’s length finder. Each CompensationWarrant entitles the holder thereof to acquire one common share in thecapital of the Corporation at a price of $0.175 for a 2-year periodfrom the closing date. All securities issued pursuant to the Offeringare subject to the applicable statutory hold period ending April 21,2024. The Offering is subject to the approval of the CSE.
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. Securities Act”), or any state securities laws and may notbe offered or sold within the United States or to or for the accountor benefit of a U.S. person (as defined in Regulation S under the U.S.Securities Act) unless registered under the U.S. Securities Act andapplicable state securities laws or an exemption from suchregistration is available.
ON BEHALF OF THE BOARD OF DIRECTORS
‘Neha Tally’
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 underthe symbol 85G1 and as SXOOF on the OTCQB Venture Market for earlystage and developing U.S. and international companies. Companies arecurrent in their reporting and undergo an annual verification andmanagement certification process. Investors can find Real-Time quotesand market information 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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