St-Georges Closes First Tranche of its Financing Offering
Montréal - St-Georges Eco-Mining Corp. (CSE: SX) (OTC: SXOOF) (FSE: 85G1) is pleased to announce that it has closed a first tranche of its non-brokered private placement of 10,360,438 hard-cash units at a price of $0.06 per Unit. Aggregate gross proceeds for this first tranche is $621,626.28. Each Unit is comprised of one common share in the capital of the Corporation (the "Shares") and one-half purchase unit warrant (each, a "Half-Warrant"). Each Unit Warrant entitles the holder thereof to purchase one Share at an exercise price of $0.08 per share for a period of 24 months following the closing of the financing offering (the "Expiry Date"). In the event the trading price of the Shares of the Corporation on the CSE reaches $0.12 on any single day, the Corporation may accelerate the Expiry Date by issuing a notice to the holder. On execution of a full unit warrant, the holder will receive one common share and a warrant that entitles the holder thereof to purchase one Share at an exercise price of $0.12 per share for a period of 24 months from the date of the execution. In the event the trading price of the Shares of the Corporation on the CSE reaches $0.18 on any single day, the Corporation may accelerate the Expiry Date of that warrant by issuing a notice to the holder.
In connection with the Offering, the Corporation paid a cash finder's fee of $5,040 and issued an aggregate of 84,000 compensation warrants to an arm's length finder.
The Offering is subject to the approval of the CSE.
Use of Proceeds
The proceeds from this offering will be used to complete the permitting modification process, install and commission a large multi-chemistry battery processing line, support the Thorold battery recycling plant and its operational cash flow, and for general and administrative expenses.
Securities Hold Period
In accordance with applicable Canadian securities laws, the Common Shares and Warrants issued under the Offering, as well as any Common Shares issuable upon exercise of the Warrants, are subject to a statutory hold period of four months and one day from the date of issuance. During this period, these securities may not be traded or otherwise transferred except in compliance with the prospectus exemptions of applicable securities legislation.
US Securities Act
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to or for the account or 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 and applicable state securities laws or an exemption from such registration is available.
Multilateral Instrument 61-101
Certain insiders of the Corporation participated in the First Tranche for a total of $397,000.02, which is a "related party transaction" within the meaning of Multilateral Instrument 61-101 Protection of Minority
Security Holders in Special Transactions ("MI 61-101"). The issuances to the insiders are exempt from the
valuation requirement of MI 61-101 by virtue of the exemption contained in section 5.5(b) as the
Corporation's shares are not listed on a specified market and from the minority shareholder approval
requirements of MI 61-101 by virtue of the exemption contained in section 5.7(a) of MI 61-101 in that the
fair market value of the consideration of the securities issued to the related parties did not exceed 25% of
the Corporation's market capitalization.
Other Developments
H2SX Corp.
On August 1, 2024, the Company announced that its hydrogen technology subsidiary, H2SX Corp., secured a financing agreement with a private Canadian company under a Non-Disclosure Agreement. H2SX management has notified St-Georges that they remain committed to completing the proposed transaction but cannot provide more clarity on the timeline at the moment. Management will provide material updates as they become available. If the transaction was to not complete for reason outside of the Company's control, resources will be reassigned to finance and advance the subsidiary as was initially planned.
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 of the most common environmental problems in the mining sector, including maximizing metal recovery and full-circle battery recycling. The Company explores for nickel & PGEs and other strategic and critical minerals on the Manicouagan and Julie Projects on Quebec's North Shore, for Niobium and Rare Earth Minerals on the Notre-Dame Project in the Lac St-Jean region and has multiple exploration projects in Iceland, including the Thor Gold Project. Headquartered in Montreal, St-Georges' common shares are listed on the CSE under the symbol SX and trades on the Frankfurt Stock Exchange under the symbol 85G1 and as SXOOF on the OTCQB Venture Market for early stage and developing U.S. and international companies. Companies are current in their reporting and undergo an annual verification and management certification process.
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 the adequacy or the accuracy of the contents of this release.
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