St-Georges Announces Blockchain & Smart Contract Technology & Transfer & License Agreement with Qingdao Tiande Technologies
(TheNewswire)
Montreal / TheNewswire / January 4, 2018 – St-Georges Eco-Mining Corp. (CSE: SX) (OTC: SXOOF) (FSE: 85G1) is pleased to announce the signing of a significant, non-arm’s length blockchain and smart contract technology license agreement (the “License”), with Qingdao Tiande Technologies Inc., (“Tiande”). Tiande is led by world-renowned blockchain expert, Dr. Wei-Tek Tsai, who initiated the first academic laboratory dedicated to blockchain research and education in China at Beihang University’s School of Computer Science and Engineering.
Under the terms of the License, Tiande has granted St-Georges Eco-Mining Corp. (“SX”) an exclusive license to use Tiande’s proprietary technologies, patents and know-how to develop and commercialize novel mineral commodity production chain control, tracking and trading exchanges. In consideration for the rights granted under the License, SX shall pay to Tiande a royalty of 8% of the gross revenues derived from the Licensee.
“This technology license agreement builds upon our long standing collaboration with Dr. Tsai and the early vision we shared about the potential of blockchain technologies both in general and specifically within the mineral commodity space. Over the last few months, St-Georges has been strengthening the scope of its mineral projects and technologies and this agreement now provides us with access to blockchain technology that can significantly impact our industry, then reach beyond” said Frank Dumas, St-Georges’ President and CEO.
In order to accelerate development and better accommodate future financings, SX will assign the License to its newly formed wholly owned subsidiary, ZeU Crypto Networks Inc. (“ZeU”) in consideration of 20,000,000 common shares of ZeU.
Related Party Transaction
The entering into of the License may be considered a "related party transaction" as set out in Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions (“MI 61-101”) as Dr. Wei Tek Tsai is a beneficial holder of securities carrying more than 10% of the voting right attached to all of SX’s voting securities. Accordingly, the License constituted to that extent a "related party transaction" under MI 61-101. The transaction is exempt from the formal valuation and minority shareholder approval requirements under MI 61-101 as neither the fair market value of the License or of the consideration exceeds 25% of SX's market capitalization. SX did not file a material change report more than 21 days before the entering into of the License as it wished to close on an expedited basis for sound business reasons and did not know when the transaction would be completed.
ON BEHALF OF THE BOARD OF DIRECTORS
“Frank Dumas”
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.
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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