(TheNewswire)
Montréal, Quebec – TheNewswire - December 19, 2019 – St-Georges Eco-Mining Corp. (CNSX:SX.CN) (OTC:SXOOF) (FSE:85G1) is pleased to announce that it has closed a second tranche of 250,000 hard cash units and 5,060,000 “flow-through” units at a price of $0.10 per unit of its non-brokered private placement, the “Offering”, for aggregate gross proceeds of $531,000. The company expect to close the 3rd and last tranche of the placement in the coming days.
Each Hard Cash Unit is comprised of one (1) common share (each, a “Share”) in the capital of the Corporation and one (1) Share purchase warrant (each whole, a “HC Unit Warrant”), entitling the holder to purchase one (1) Share at an exercise price of $0.185 until September 18, 2020 (the “Warrant Expiry Date”).
Each Flow-Through Unit is comprised of one (1) Share on a “flow-through” basis (each, a “FT Share”) and one-half of one (1/2) Share purchase warrant (each whole, a “FT unit Warrant”), entitling the holder thereof to purchase one (1) Share at an exercise price of $0.20 per Share until the Warrant Expiry Date.
In the event that the trading price of the Shares on the Canadian Securities Exchange (the “CSE”), or such other exchange on which the Corporation becomes listed, reaches $0.25 per Share on any single day, the Corporation may, at its option, accelerate the Warrant Expiry Date by 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 later of: (i) the day following the 4 months period from the closing date of the Offering, and (ii) the 30th day following the date of issuance of the Warrant Acceleration Press Release.
The Corporation will use the proceeds of the Offering for exploration work on its properties and working capital.
The Corporation paid finder fee of $32,480 in cash and issued 324,800 non-transferable share purchase 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 April 19, 2020. The Offering is subject to the approval of the CSE.
ON BEHALF OF THE BOARD OF DIRECTORS
"Vilhjalmur T. Vilhjalmsson"
VILHJALMUR THOR VILHJALMSSON
President & CEO
About St-Georges
St-Georges is developing new technologies to solve the some of the most common environmental problems in the mining industry. The Company controls directly or indirectly, through rights of first refusal, all of the active mineral tenures in Iceland. It also explores for nickel on the Julie Nickel Project & for industrial minerals on Quebec's North Shore and for lithium and rare metals in Northern Quebec and in the Abitibi region. 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
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