EVSX Multi-Chemistry Line Ahead of Schedule & Private Placement Offering
Rhea-AI Summary
St-Georges Eco-Mining Corp. (CSE:SX)(OTCQB:SXOOF) has announced two significant developments:
- Its subsidiary, EVSX Corp., is installing a large-capacity multi-chemistry battery processing line ahead of schedule in Thorold, ON. This move aims to capitalize on a time-sensitive opportunity for specialized battery recycling.
- The company has arranged a non-brokered private placement offering for up to $900,000. This involves issuing up to 15,000,000 units priced at $0.06, with each unit consisting of one common share and half a warrant priced at $0.08.
The proceeds will be used to complete permitting modifications, install and commission the battery processing line, and support the Thorold recycling plant's operations.
Positive
- EVSX Corp. is installing a large-capacity multi-chemistry battery processing line ahead of schedule
- The company has secured a time-sensitive opportunity for specialized battery recycling
- St-Georges has arranged a private placement offering for up to $900,000 to fund operations and expansion
Negative
- The private placement may lead to dilution of existing shareholders' stakes
News Market Reaction – SXOOF
On the day this news was published, SXOOF declined 8.93%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
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
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
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
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
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: 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.
SOURCE: St-Georges Eco-Mining Corp.
View the original press release on accesswire.com
FAQ
What is the purpose of EVSX's new multi-chemistry processing line in Thorold, ON?
How much is St-Georges Eco-Mining (SXOOF) raising through its private placement offering?
What are the terms of the units being offered in St-Georges' (SXOOF) private placement?
How will St-Georges Eco-Mining (SXOOF) use the proceeds from its private placement?
