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St-Georges Eco-Mining Corp C.SX

Alternate Symbol(s):  SXOOF

St-Georges Eco-Mining Corp. develops new technologies to solve some of the common environmental problems in the mining sector, including maximizing metal recovery and full-circle battery recycling. The Company explores for nickel and PGEs and other strategic and critical minerals on the Manicouagan and Julie Projects on Quebec’s North Shore, for Niobium and Rare Earth Minerals on the Notre-Dame Project in the Lac St-Jean region and has multiple exploration projects in Iceland, including the Thor Gold Project. The Manicouagan Project is located approximately 70 kilometers (km) north of the Manicouagan Crater and 350 km northwest of Baie-Comeau, QC. The Julie Project is located via a 90-minute drive from the deep seaport city of Baie-Comeau on the Quebec North Shore. The Project comprises 294 claims for an area of 16,226.99 hectares. The Notre-Dame Project is located near the municipality of Notre-Dame de Lorette on the northern flank of the Lac St-Jean in Quebec.


CSE:SX - Post by User

Bullboard Posts
Post by kijijion Aug 21, 2020 5:19pm
167 Views
Post# 31440359

St-Georges Eco to buy back King of the North

St-Georges Eco to buy back King of the North
St-Georges Eco-Mining Corp. has entered into a conditional binding agreement with BWA Group PLC of London to acquire all the outstanding shares of King of the North (KOTN), sold by St-Georges to BWA in September, 2019.
 
At the time of the transaction in 2019, St-Georges held 50.18% of KOTN. The proposed transaction with BWA and subsequently with the third-party arm-length other holders of the BWA securities will make St-Georges 100% owners of KOTN, that will be, once again, a wholly-owned subsidiary.
 
KOTN was acquired from St-Georges and other related parties by BWA in October 2019 for a consideration of GBP4.66 million. Unfortunately, primarily arising from the impact of the COVID-19 restrictions, it has proved impossible to manage and effectively develop the investment in KOTN from the UK.
 
As a result, it has been agreed between the parties that St-Georges and the related parties to the original transaction will acquire the BWA's 100 percent interest in KOTN by means of the cancellation of unconverted elements of the Convertible Unsecured Loan Notes issued as the original purchase consideration, amounting to a total of GBP4.3 million, of which GBP2,281,580 is coming from St-Georges. In addition, St-Georges will issue 1,500,000 common shares in favor of BWA. These shares will be subject to a standard 4 months regulatory hold. After closing the transaction, St-Georges is expected to retain its equity interest in BWA, amounting to approximately 21%.
 
The transaction is conditional to St-Georges and BWA's ability to enter into a separate agreement with the related third parties that were part of the 2019 transaction.
 
The parties expect this transaction will be completed by August 31, 2020. Further information will be disclosed in the coming weeks.
 
Vilhjalmur Thor Vilhjalmsson, President and CEO of St-Georges, commented, "(...) It is unfortunate that BWA Group has been restricted in its efforts to develop these assets due to the impact of the pandemic on their operations. (...) We wish them all the best in the new direction they are taking, and we will be a supportive shareholder in their future successes (...) we will review the strategy and work program of these assets and divulge our intentions in a follow-up press release in the coming days(...)."
 
The Company expects to disseminate a press release pertaining to its surface work campaign on the Iceland Thor Gold Project before common share transactions resume on the CSE.
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