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Closing of Oversubscribed Securities Offering

11.03.2021  |  The Newswire
Montréal, March 11, 2021 - St-Georges Eco-Mining Corp. (CSE:SX) (OTC:SXOOF) (FSE:85G1) (CNSX:SX.CN) is pleased to announce a second and final tranche closing of non-brokered private placement offering of 1,083,333 "flow-through" units at a price of $0.60 subscribed by one institutional investor. The gross proceeds of this final tranche amount to $649,999.80. The total gross proceeds of all tranches of the initially proposed $10 million financing adds up to $10,348,979.20.

Each FT Unit is comprised of one (1) common share in the capital of the Company on a "flow-through" basis (each, a "FT Share") and one (1) FT Share purchase warrant (each, a "FT Warrant"). Each FT Warrant entitles the holder thereof to purchase one (1) Share at an exercise price of $0.75 until first 18 months from the issue and $1.25 for the 18 months thereafter, together 36 months expiry period (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 $0.95 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 exploration at the Julie Nickel and Manicouagan Palladium Project in Québec.

The Corporation paid finder fee of $42,250 in cash and issued 42,250 non-transferable Finder's warrants entitling the holder thereof to purchase at an exercise price of $0.75, until the Warrant Expiry Date.

All securities issued pursuant to this tranche of the Offering are subject to the applicable statutory hold period ending July 13, 2021. The Offering is subject to the approval of the CSE.

ON BEHALF OF THE BOARD OF DIRECTORS

"Neha E. Tally"

NEHA EDAH TALLY
Corporate Secretary

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 Québec'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.

Copyright (c) 2021 TheNewswire - All rights reserved.


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