SX:CC - Statement of Out-of-Court Settlement between St-Georges & BWA Group
(TheNewswire)
Montréal, February 19, 2024 – TheNewswire - – St-GeorgesEco-Mining Corp. (CSE: SX) (OTC: SXOOF) (FSE: 85G1) is pleased toannounce that a satisfactory out-of-court settlement was reached withBWA Group. The settlement will result in the termination of the legalproceeding initiated in Québec against St-Georges by BWA Group; thecounter-legal proceedings introduced in Québec by St-Georges againstKings of the North and BWA Group jointly; and the legal proceedings inthe High Court of Justice of England and Wales in the United Kingdomby St-Georges against BWA Group.
All the parties will be responsible for theirrespective legal fees in these matters.
Kings of the North, wholly owned by BWA Group since itsacquisition from St-Georges in September 2019, will be solelyresponsible for the royalties and other regulatory obligations on theWinterhouse and Isoukustouc Projects, with all other remainingobligations by St-Georges regarding Isoukustouc and Winterhouse beingterminated.
All earn-ins and options on other projects, includingthe Villebon Project, are recognized by all the parties as beingextinguished. St-Georges will now retain majority ownership (90%) ofthe Villebon Project, with the remainder 10% owned equally by FancampExploration Ltd. and Sheridan Platinum ltd.
St-Georges will convert an amount of GB£731,124(approximately CA$1.2m) of its loan notes into common shares of BWAGroup PLC. The converted shares will be restricted from voting forthree years on matters pertaining to the election of directors of BWAor matters of management composition.
The remainder of the loan notes owned by St-Georgeswill be returned to BWA Group without additional compensation in orderto be canceled.
Some minority loan note holders have also agreed toreturn their notes to BWA Group for cancellation. These include somemanagement and directors of St-Georges in the person of FrançoisDumas, Mark Billings, and Neha Tally, who agreed to do so withoutcompensation.
The out-of-court settlement was authorized by way ofresolution by the board of directors of St-Georges on February 16,2024. The Company does not believe this settlement consists of asignificant transaction or change on the Company’s financialstatements; all liability provisions that were established in thisregard will be eliminated.
The full text of the settlement agreement can be foundhere:
ON BEHALF OF THE BOARD OF DIRECTORS
‘Neha Tally’
NEHA TALLY
Corporate Secretary
1. 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 under the symbol 85G1 andas SXOOF on the OTCQB Venture Market for early stage and developingU.S. and international companies. Companies are current in theirreporting and undergo an annual verification and managementcertification process. Investors can find Real-Time quotes and marketinformation 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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