SXOOF - St-Georges Secures EV Battery Recycling Plant
(TheNewswire)
Montréal - TheNewswire - June 28, 2021 – St-Georges Eco-Mining Corp. (C NSX :SX. CN ) (OTC:SXOOF) (FSE:85G1) is pleased to announcethat it has executed a final option agreement that allows the Companyto secure the land and building for its proposed battery recyclingplant in the deep seaport of Baie-Comeau on the Québec North Shore.
The Company had previously disclosed that it had signeda binding term sheet regarding this matter by way of a press release titled ‘ St-Georges Secures Future EV Batteries Recycling Plant &Engineering Expertise’ disseminated on April19, 2021 .
Early design and engineering reviews of the industrialplant being secured have not identified the need for a major overhaul. The Company will have 45 days following the reception of its finalfeasibility study report to decide to enter into a lease agreement forthe building. The Company will be charged a pro-rotated rate for thelease established by the parties. The option to acquire the land andbuilding has already been priced. This agreement allows the Company tosave a significant amount of time that the permitting and constructionof a new plant would have taken and should have a considerable impacton the final Capex costs of the project.
St-Georges will issue to Roberge Industries Inc. atotal of 500,000 common share warrants with an execution price of$0.75 for two years. A clause allows the Company to accelerate theexpiration of these warrants if the share price of St-Georges exceeds$1.13 at any time after the 4-month regulatory hold period.
Figure 1. Regional Overview of theProposed EV Battery Recycling Plant Site
ON BEHALF OF THE BOARD OF DIRECTORS
“FrankDumas”
FRANCOIS (Frank) DUMAS
ST-GEORGES’ 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 JulieNickel Project and the Manicougan Palladium Project on the Québec’sNorth Shore. Headquartered in Montreal, St-Georges’ stock is listedon the CSE under the symbol SX, on the US OTC under the Symbol SXOOFand 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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