MONTRéAL, QC / ACCESSWIRE / August 13, 2024 / St-Georges Eco-Mining Corp. (CSE:SX)(OTCQB:SXOOF)(FSE:85G1) would like to provide an update on its battery recycling operations in Ontario and disclose that it has arranged for a non-brokered private placement offering for up to $900,000.

EVSX Battery Recycling Plant - Thorold, ON

St-Georges' battery processing subsidiary, EVSX Corp., is installing and commissioning one of its large-capacity multi-chemistry processing lines ahead of schedule. This move is in response to a time-sensitive opportunity to secure a significant recuring allocation of specialized batteries that management believes will give EVSX the needed financial leverage to expand beyond its current operational limitations. The Company is preparing the documentation to amend its environmental and operational authorizations. It expects that employees from the battery circuit manufacturers will start arriving in Thorold later in the year to help commission the industrial line. The Company has received the required authorizations from the government to allow this collaboration to take place.

"(…) being able to handle different types of batteries is crucial to meet industry needs, current and future (…) EVSX identified gaps in the market to complement the established industry, (…) With the rapid increase in demand of LiFePO4 batteries, we anticipate a faster return rate for recycling than EV batteries. To capitalize on this growing influx, we are installing equipment that can efficiently process all types of household batteries. (…) Our setup is designed to seamlessly handle a range of batteries from household to large EVs without requiring significant reconfiguration. (…) Our long-term goal is to replicate this type of facility across the continent to reduce transportation costs and strengthen the industry's infrastructure," commented Enrico Di Cesare, CEO of EVSX and Director of St-Georges.

Private Placement Offering

The Company has arranged for a $900,000 private placement offering in the form of units. Up to 15,000,000 units priced at $0.06 are expected to be issued. Each unit will consist of one common share of the Company and a half a unit warrant priced at $0.08. An additional $300,000 overallocation will be available to the Company if required. This offering is expected to close in tranches over the next few weeks.

Each Unit is comprised of one common share in the capital of the Corporation (the "Shares") and one-half purchase unit warrant (each, a "Half-Warrant"). Each Unit Warrant entitles the holder thereof to purchase one Share at an exercise price of $0.08 per share for a period of 24 months following the closing of the financing offering (the "Expiry Date"). In the event the trading price of the Shares of the Corporation on the Canadian Securities Exchange (the "CSE") reaches $0.12 on any single day, the Corporation may accelerate the Expiry Date by issuing a notice to the holder (the "Notice"). In such case, the Expiry Date shall be deemed to be the date specified in the Notice. On execution of a full unit warrant, the holder will receive one common share and a warrant that entitles the holder thereof to purchase one Share at an exercise price of $0.12 per share for a period of 24 months from the date of the execution. In the event the trading price of the Shares of the Corporation on the Canadian Securities Exchange (the "CSE") reaches $0.18 on any single day, the Corporation may accelerate the Expiry Date of that warrant by issuing a notice to the holder (the "Notice"). In such case, the Expiry Date shall be deemed to be the date specified in the Notice.

Securities Hold Period

In accordance with applicable Canadian securities laws, the Common Shares and Warrants issued under the Offering, as well as any Common Shares issuable upon exercise of the Warrants, are subject to a statutory hold period of four months and one day from the date of issuance. During this period, these securities may not be traded or otherwise transferred except in compliance with the prospectus exemptions of applicable securities legislation.

Finder's Fee

In connection with the Offering, the Company may pay a finder's fee in cash, securities, or a combination thereof, in accordance with the policies of the Canadian Securities Exchange (CSE) and applicable securities laws. Any finder's fee paid will be subject to the same statutory hold period of four months and one day from the date of issuance.

U.S. Securities Act

This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Use of Proceeds

The proceeds from this offering will be used to complete the permitting modification process, install and commission one of the large multi-chemistry battery processing lines currently stored on-site, and support the Thorold battery recycling plant and its operational cash flow. Minor amounts will be used for general and administrative expenses.

Multilateral Instrument 61-101

Certain insiders of the Corporation participated in the First Tranche for a total of $223,000, which is a "related party transaction" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The issuances to the insiders are exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in section 5.5(b) as the Corporation's shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in section 5.7(a) of MI 61-101 in that the fair market value of the consideration of the securities issued to the related parties did not exceed 25% of the Corporation's market capitalization.

ON BEHALF OF THE BOARD OF DIRECTORS

"Neha Tally"

NEHA TALLY
Corporate Secretary of St-Georges Eco-Mining Corp.

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 Critical Minerals 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: [email protected]

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.

SOURCE: St-Georges Eco-Mining Corp.

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