Tickers: XCNQ:SX, PINX:SXOOF
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Montreal, Quebec / TheNewswire / December 12, 2017 - St-Georges Platinum & Base Metals Ltd. (CSE: SX) (OTC: SXOOF) (FSE: 85G1) is pleased to announce the closing of its previously announced non-brokered private placement offering (the "Offering") of 6,000,000 units of the company (the "Units") at a price of $0.10 per Unit for aggregate gross proceeds of $600,000. Each unit consists of one (1) common share (a "Share") and one (1) Share purchase warrant, entitling the holder to purchase an additional Share at a price of $0.15 per share until December 12, 2019 (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 exceeds $0.50 per Share for any period of 10 consecutive trading days, the company 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 later of (i) the date on which the Acceleration Notice is sent to Warrant holders, and (ii) the date of issuance of the Warrant Acceleration Press Release.
In connection with the Offering, the company has paid a Finder's fee of $42,000 and issued 300,000 non-transferable compensation warrants entitling the holder to acquire the same number of Units until December 12, 2019.
The net proceeds of the Offering will be used for general working capital.
All securities issued under the Offering are subject to a hold period expiring April 13, 2018.
Early Warning Report Filed Pursuant to National Instrument 62-103
This press release is also being disseminated as required by National Instrument 62-103 The Early Warning System and Related Take Over Bids and Insider Reporting Issues in connection with the filing of an early warning report (the "EWR") regarding the acquisition of securities of the company by Eric Salsberg (the "Offeror").
The Offeror has acquired 5,000,000 Units under the Offering (the "Acquired Securities"), resulting in the Offeror beneficially owning and controlling securities of the company representing 6.61% of the issued and outstanding shares of the company on a non-diluted basis and 13.12% on a partially diluted basis.
The Acquired Securities were acquired for investment purposes. The Offeror may, depending on market and other conditions, increase or change its beneficial ownership over the Shares or other securities of the company through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise.
A copy of the Early Warning Report to be filed under applicable securities laws will be available under the company's SEDAR profile at www.sedar.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Frank Dumas"
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. For additional information, please visit our website at www.stgeorgesplatinum.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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