SXOOF - St-Georges Increase Size of Previously Announced Mixed Flow-Through & Hard Cash Financing
(TheNewswire)
Montreal - TheNewswire - November 17, 2020 - St-Georges Eco-MiningCorp. (CSE:SX) (CNSX:SX.CN) (OTC:SXOOF)(FSE:85G1) is pleased to announce that it hasincreased the size allocation of its previously announced non-brokeredprivate placement offering of common shares and common share warrantsunits at a price of $0.10 and "flow-through" shares at aprice of $0.10. The totalgross proceeds will be increased from $1,650,000 to$1,800,000 . All other terms will stay thesame.
Proceeds of this Offering will be used to furtheradvance the nickel extraction technology, exploration at the JulieNickel and Manicouagan Palladium Project in Quebec, and to initiatethe definition of a maiden gold resource estimate at the Thor Goldproject in the suburbs of Reykjavik, Iceland.
Each "Hard-Cash" Unit is comprised of one (1)common share in the capital of the Company (each, a " Share ") and one(1) Share purchase warrant (each whole, a " Unit Warrant ").Each Unit Warrant entitles the holder to purchase one (1) Share at anexercise price of $0.185 per Share for a period of twenty-four (24)months from the date of issuance (the " Unit Warrant Expiry 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 onany single day, the Company may, at its option, accelerate the WarrantExpiry Date by delivery of notice to the registered holders (an" AccelerationNotice ") thereof and issuing a pressrelease (a " WarrantAcceleration Press Release ", and, in suchcase, 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.
Institutional investors and an Icelandic drillingcompany represent the bulk of this private placement. Insiders arealso expected to participate up to the maximum level authorised. Thecompany has set aside an allocation for other interested parties untilNovember 18. The placement is expected to close by week's end.
A finder's fee might be paid on the Offering, subjectto the policies of the CSE. The securities issued in connection withthe Offering are subject to the applicablestatutory four-month and one day hold period. Closing of the Offeringis subject to receipt of applicable regulatory approvals, includingthe approval of the CSE.
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 ofMI 61-101, as neither the fair market value of the Units to bedistributed to, nor the fair market value of the consideration to bereceived by St-Georges from the insider holders in connection with theproposed financing exceeds 25% of St-Georges' sharecapitalisation.
Iceland Thor Gold Project Update
St-Georges' team has now received initial and preliminary assayresults from the Thor Gold Project research drill hole. Results arebeing compiled and interpreted and should be released in the comingweek.
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 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.
Copyright (c) 2020 TheNewswire - All rights reserved.