St-Georges Eco-Mining Corp. announced a private placement of up to gross proceeds of CAD 3,000,000 on May 18, 2023. The company will issue secured convertible debentures in up to three tranches of CAD 1,000,000 each.

The Debentures will be secured and will bear interest at 9.9% per annum. Subject to certain conditions, the Company will pay the Interest accrued over the first three years in equity and may elect to satisfy payment in kind for the remaining Interest by issuing common shares. In addition, subscribers for debentures will receive one common share purchase warrant for each CAD 0.25 of principal amount of debenture.

Each warrant will entitle the holder to acquire one common share of the company for CAD 0.35 at any time up to three years from the date of issuance. The Debentures, Common Shares, Warrants, and any Warrant Shares will be subject to a 4 month hold period. The company may pay eligible finders a fee in connection with the offering.

The transaction is subject to the approval of regulatory authority and CSE. The initial tranche of the offering has been set for August 15, 2023.