St-Georges closes $321,302 first tranche of placement

Ms. Neha Tally reports ST-GEORGES CLOSES A FIRST TRANCHE OF A FINANCING OFFERING St-Georges Eco-Mining Corp. has closed an initial tranche of its non-brokered private placement consisting of 6,426,040 units at a price of five cents per unit for gross proceeds of $321,302. Each unit consists of one common share of the company and one-half common share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share of the company at a price of 7.5 cents per share for a period of 24 months from the closing date, subject to an acceleration provision. The offering was subscribed by seven investors residing in Canada, Iceland, Australia and Germany. All securities issued in connection with the offering are subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable securities laws. The proceeds of the offering have been used to maintain the company's assets and infrastructure, including sample and core storage, and license renewals, contractual commitments and other expenditures required to preserve the company's interests and standing in Iceland. A portion of the proceeds has been allocated to operational expenditures at the company's battery processing subsidiary. The balance of the proceeds has been used to satisfy obligations associated with maintaining assets and operations and for general corporate and administrative purposes. Certain subscribers in the offering are existing trade creditors of the company or its subsidiaries, and a portion of the proceeds have been used in the ordinary course of business to satisfy outstanding accounts payable to such parties. The subscriptions received from the arm's-length subscribers in Iceland and in Ontario fall within this category. An officer of a subsidiary of the company participated in the offering through the purchase of one million units. Such participation constitutes a related-party transaction within the meaning of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions). The company is relying on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) thereof as the fair market value of the securities issued to, and consideration paid by, the related party does not exceed 25 per cent of the company's market capitalization. About St-Georges Eco-Mining Corp. St-Georges develops new technologies and holds a diversified portfolio of assets and proprietary and patent-pending intellectual property within several highly prospective subsidiaries including: EVSX, a battery processing initiative; St-Georges Metallurgy, with metallurgical research and development and related intellectual property, including processing and recovering high-grade lithium from spodumene; Iceland Resources, with high-grade gold exploration projects including the Thor project; H2SX, developing technology to convert methane into solid carbon and turquoise hydrogen; and Quebec exploration projects including the Manicouagan and Julie nickel, copper and platinum group element critical mineral projects on Quebec's North Shore, and the Notre-Dame niobium project in Lac St-Jean.