St-Georges Closes First Tranche of Offering
Montreal, November 19, 2020 - St-Georges Eco-Mining Corp. (CSE:SX) (CNSX:SX.CN) (OTC:SXOOF) (FSE:85G1) is pleased to announce that, further to its November 17, 2020 press release, it has closed a first tranche of 11,500,000 "flow-through" Shares at $0.10 per FT Share, and 200,000 units at a price of $0.10 per Unit of its non-brokered private placement for aggregate gross proceeds of $1,170,000. Each Unit is comprised of one (1) common share (each, a "Share") in the capital of the Corporation and one (1) Share purchase warrant (each, a "Unit Warrant"), entitling the holder to purchase one (1) Share at an exercise price of $0.185 until November 19, 2022 (the "Warrant Expiry Date").
In the event that, during the period of 4 months following the closing date of the Offering, the trading price of the Shares on the Canadian Securities Exchange (the "CSE") reaches $0.45 per Share on any single day, the Corporation may, at its option, accelerate the Warrant Expiry Date by delivery of notice to the registered holders (an "Acceleration Notice") thereof and issuing a press release (a "Warrant Acceleration Press Release", and, in such case, 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 on which the Acceleration Notice is sent to warrant holders, and (ii) the date of issuance of the Warrant Acceleration Press Release.
The Corporation will use the proceeds of the Offering to further advance the nickel extraction technology, exploration at the Julie Nickel and Manicouagan Palladium Project in Quebec, and to initiate the definition of a maiden gold resource estimate at the Thor Gold project in the suburbs of Reykjavik, Iceland.
The Corporation paid finder fee of $69,000 in cash and issued 690,000 non-transferable Finder's warrants entitling the holder thereof to purchase one (1) Share at an exercise price of $0.20 per Share until the Warrant Expiry Date.
All securities issued pursuant to this tranche of the Offering are subject to the applicable statutory hold period ending March 20, 2021. The Offering is subject to the approval of the CSE.
St-Georges Management expects to complete its review and curing of the remaining subscriptions that have been received within the next few days. Including the amount disclosed in this first tranche, the total amount of subscriptions received and being under review is of $1,870,000. Management will not be accepting any additional participation request.
ON BEHALF OF THE BOARD OF DIRECTORS
"Frank Dumas"
FRANCOIS (FRANK) DUMAS
CHIEF OPERATING OFFICER, DIRECTOR.
About St-Georges
St-Georges is developing new technologies to solve some of the most common environmental problems in the mining industry. The Company controls all the active mineral tenures in Iceland. It also explores for nickel & PGEs on the Julie Nickel Project and the Manicougan Palladium Project on the Quebec's North Shore. Headquartered in Montreal, St-Georges' stock is listed on the CSE under the symbol SX, on the US OTC under the Symbol SXOOF and on the Frankfurt Stock Exchange under the symbol 85G1
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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