2015-02-10 16:19 ET - News Release
Mr. Frank Dumas reports
ST-GEORGES INCREASES PRIVATE PLACEMENT AMOUNT AND PRICING
St-Georges Platinum and Base Metals Ltd. is changing the terms of its current financing announced on Feb. 5. Terms of the financing. The Company is now planning for a private placement of up to $720,000.
The offering will consist of units to be priced at $0.06 each instead of
the $0.05 initially announced. All other terms remain the same.
The Units will consist of one common share and one non-transferable
3-year warrant entitling the purchaser to acquire one common share. The
warrants will have an initial exercise price of $0.075 in the first 9
months; the exercise price will increase to $0.15 for the following 9
months; and finally the exercise price will increase to $0.30 for the
last 18 months of their 3-year duration.
At its discretion, the Company will be able to force the exercise of the
warrants if the price of the common shares on the CSE is at or above
150% of the warrants' exercise price for 10 consecutive days on a VWAP
Proceeds of this financing will be used to reduce the company debts,
advance exploration work on its Julie Nickel Discovery Project and
general administrative purposes. Multilateral Instrument 61-101 Given the proposed participation of the insider holders, the proposed
financing constitutes a "related party transaction" within the meaning
of Multilateral Instrument 61-101 - Protection of Minority Security
holders in Special Transactions ("MI 61-101"). St-Georges is relying on an exemption to both the formal valuation and
the minority shareholder approval requirements of MI 61-101, as neither
the fair market value of the Units to be distributed to, nor the fair
market value of the consideration to be received by St-Georges from the
insider holders in connection with the proposed financing exceeds 25% of
St-Georges' share capitalisation.