St-Georges Updates on Financing Effort

2019-01-14 / @thenewswire

(TheNewswire)

Montréal, Quebec / TheNewswire / January 14, 2019 – St-Georges Eco-Mining Corp. (CSE: SX) (OTC: SXOOF) (FSE: 85G1) is pleased to announce that, further to its press release dated January 3, 2019, today it issued 6,300,000 Units pursuant to its non-brokered private placement for total gross proceeds of $630,000.

No insiders were allowed to participate due to the fully subscribed nature of the financing. The company accepted subscriptions on a first-come-first-served basis. Management apologizes to the investors who made efforts to participate and were not able to receive an allocation. Furthermore, the Company was notified by Iconic Minerals ltd (TSX-V: ICM) of its intention to execute its option to invest $100,000 into the share capital of St-Georges on the same terms that its most recent offering, as per its contractual obligations under the lithium-in-clay technology development agreement (see press releases dated December 7, 2017). The company also received a subscription from ThreeD Capital Inc. (CSE: IDK) in the amount of $150,000.

Proceeds of this Offering will be used to finance the Corporation’s working capital.

Each Unit issued under the Offering is comprised of one (1) common share in the capital of the company (a "Share"), and one (1) Share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to purchase one (1) Share at an exercise price of $0.185 per Share until January 14, 2021 (the "Unit Warrant Expiry Date").

The Corporation paid cash finder’s fees of $13,200 and issued 165,000 finder’s warrants (“Finder’s Warrants”) in connection with the private placement. Each Finder’s Warrant entitles the holder thereof to acquire one Unit at a price of $0.10 per Unit until January 14, 2020 (the "Finder’s Warrants Expiry Date" and with the Unit Warrant Expiry Date, the “Warrant Expiry Date”).

In the event that, during the period following 4 months from the Closing Date, the volume-weighted average trading price of the Shares on the Canadian Securities Exchange (“CSE”) exceeds $0.85 per Share for any period of 10 consecutive trading days, the Corporation may, at its option, following such 10-day period, 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 date of issuance of the Warrant Acceleration Press Release.

The securities issued in connection with the Offering are subject to the applicable statutory hold period ending May 15, 2019. The Offering is subject to receipt of applicable regulatory approvals, including the approval of the CSE.

Iceland Hydro Electric Dam Project Acquisitions Update

St-Georges also announces that, further to its press release dated October 11, 2018, today it issued (i) 1,333,333 Shares to Íslensk Vatnsorka ehf following its conversion of a $200,000 debenture issued as partial consideration to acquire a 15% equity interest in Islensk Vatnsorka EHF, and (ii) 1,668,636 Shares following the conversion of debentures issued as partial consideration under the share purchase agreement dated October 11, 2018, between the Corporation and former shareholders of St-Georges Iceland Inc.

ON BEHALF OF THE BOARD OF DIRECTORS

"Francois (Frank) Dumas"

FRANCOIS (FRANK) DUMAS, DIRECTOR & COO

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.