SXOOF - St-Georges Secures Future EV Batteries Recycling Plant & Engineering Expertise
(TheNewswire)
Montréal - TheNewswire - April 19, 2021 - St-Georges Eco-Mining Corp. (C NSX :SX. CN ) (OTC:SXOOF) (FSE:85G1) is pleased to disclose that it has entered abinding term sheet to secure the site and building for its proposedbattery recycling plant in the deep seaport of Baie-Comeau on theQuébec North Shore.
The parties will have 30 days to finalize and execute along-form agreement conditional on the positive outcome of thefeasibility study already underway. Part of the binding agreementconcerns the access to the engineering expertise that will allow theCompany to have trained professionals working in the facilities fromday one of operations planned for later this year.
Important milestone reached allowingequipment vendors to share information with the newly securedengineering team to accelerate the design of the Baie-Comeau proposedelectric vehicle, or EV, battery recycling plant with a target phase 1production capability of 10,000 annual metric tonnes.
The agreement, a long-term lease with an option to buy the targetedplant, was executed on April 16, 2021, and calls for a long-formagreement to be signed within 30 days. Additionally, a long-formengineering and technical services agreement, with the option toacquire the engineering firm, Roberge Industries Inc., will beincluded in the final agreement.
St-Georges will design the battery recycling plant to be modular andpreassembled to reduce construction and installation costs, timelines,and other challenges. The approach is to have a universal batteryrecycling plant that can use the procedures for process, safety, andmaintenance anywhere in the world, including maintenance managementsystems with a technology allowing real-time auditing and thegeneration of tradeable carbon credits as well as machine learningmanagement systems allowing real-time optimization of the process aswell as the output based on market needs.
St-Georges will issue to Roberge Industries Inc. a total of 500,000common share warrants with an execution price of $0.75 for two yearswith a clause to allow the Company to accelerate the expiration ofthese warrants if the share price of St-Georges exceeds $1.13 at anytime after the 4-month regulatory hold period.
Mr. Guy Roberge, president of Roberge Industries Inc., commented,“(…) We are flattered by theconfidence put into our capacities and professionalism of our peopleby EVSX/St-Georges (…) However, this does not come as a surprise tous as we learned to develop cutting edge engineering concepts anddesigns over the years and we are certain that we can deliver on thismandate while maintaining our highest level of services to ourexisting clients. (…) Although this is preliminary, we are excitedto join the feasibility study team composed of tier-one industryplayers, and we will work diligently to complete the detailedagreement within the next month (…) For us, and most probably forthe whole region, it represents the beginning of an exciting newbusiness that will propel us into the future (…)”
Figure 1. Regional Overview of theProposed EV Battery Recycling Plant Site
Herb Duerr, St-Georges’ President, commented, “(…) I am excited that our subsidiary, EVSXCorp., has obtained its first base of operations for battery recyclingwithin the welcoming community of Baie-Comeau (…) and the addedbenefit of partnering with a locally sourced engineering firm thatknows the lay of the land (…) This is a great starting point forEVSX and St-Georges Eco-Mining (…)”.
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 Julie Nickel Project and theManicougan Palladium Project on the Québec’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 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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