Statement of Out-of-Court Settlement between St-Georges & BWA Group
(TheNewswire)
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Montréal, February 19, 2024 – TheNewswire - – St-Georges Eco-Mining Corp. (CSE: SX) (OTC: SXOOF) (FSE: 85G1) is pleased to announce that a satisfactory out-of-court settlement was reached with BWA Group. The settlement will result in the termination of the legal proceeding initiated in Québec against St-Georges by BWA Group; the counter-legal proceedings introduced in Québec by St-Georges against Kings of the North and BWA Group jointly; and the legal proceedings in the High Court of Justice of England and Wales in the United Kingdom by St-Georges against BWA Group.
All the parties will be responsible for their respective legal fees in these matters.
Kings of the North, wholly owned by BWA Group since its acquisition from St-Georges in September 2019, will be solely responsible for the royalties and other regulatory obligations on the Winterhouse and Isoukustouc Projects, with all other remaining obligations by St-Georges regarding Isoukustouc and Winterhouse being terminated.
All earn-ins and options on other projects, including the Villebon Project, are recognized by all the parties as being extinguished. St-Georges will now retain majority ownership (90%) of the Villebon Project, with the remainder 10% owned equally by Fancamp Exploration Ltd. and Sheridan Platinum ltd.
St-Georges will convert an amount of GB£731,124 (approximately CA$1.2m) of its loan notes into common shares of BWA Group PLC. The converted shares will be restricted from voting for three years on matters pertaining to the election of directors of BWA or matters of management composition.
The remainder of the loan notes owned by St-Georges will be returned to BWA Group without additional compensation in order to be canceled.
Some minority loan note holders have also agreed to return their notes to BWA Group for cancellation. These include some management and directors of St-Georges in the person of François Dumas, Mark Billings, and Neha Tally, who agreed to do so without compensation.
The out-of-court settlement was authorized by way of resolution by the board of directors of St-Georges on February 16, 2024. The Company does not believe this settlement consists of a significant transaction or change on the Company’s financial statements; all liability provisions that were established in this regard will be eliminated.
The full text of the settlement agreement can be found here:
ON BEHALF OF THE BOARD OF DIRECTORS
‘Neha Tally’
NEHA TALLY
Corporate Secretary
1.About St-Georges Eco-Mining Corp.
St-Georges develops new technologies to solve some of the most common environmental problems in the mining sector, including maximizing metal recovery and full-circle battery recycling. The Company explores for nickel & PGEs on the Manicouagan and Julie Projects on Quebec’s North Shore and has multiple exploration projects in Iceland, including the Thor Gold Project. Headquartered in Montreal, St-Georges’ stock is listed on the CSE under the symbol SX and trades on the Frankfurt Stock Exchange under the symbol 85G1 and as SXOOF on the OTCQB Venture Market for early stage and developing U.S. and international companies. Companies are current in their reporting and undergo an annual verification and management certification process. Investors can find Real-Time quotes and market information for the company on www.otcmarkets.com
Visit the Company website at www.stgeorgesecomining.com
For all other inquiries: public@stgeorgesecomining.com
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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