St-Georges Eco-Mining Corp.

Corporate Update Redox - Seite 2

 

"(…) We are happy to have reached an agreement with EVSX for the industrial development of our revolutionary technology. Our goal is to contribute to the technological, sustainable, and circular transformation of the European continent and beyond, starting from our territory: Puglia. We are confident that this international partnership can strengthen each other and be a great step towards achieving our long-term goal: becoming a leader in the battery recycling sector (…)", stated Raffaele Nacchiero, CEO of AraBat.

 

New and Current Financing Offerings

The Company is currently focusing its resources on the exploration of its Manicouagan Project, for which it has announced a flow-through offering that aims to raise $4.5 million in the coming weeks in order to complete 10,000 meters of drilling before the end of the year. The exploration team is completing planning and mobilization; the commissioning of the camp is to be commenced this week.

 

The Company has also arranged to raise up to $4 million in additional funds to further its battery recycling operations and G&A expenses until revenue is generated. The offering will be priced at $0.26 per unit, and a unit will consist of 1 share and one 3-year common share warrant at a price of $0.29. A discretionary forced conversion clause will be attached to the warrants that will allow the Company to accelerate the expiration of the warrants if the market price of the Company's shares reaches $0.65 or over at any given time after the initial 4-month holding period of the warrants.

 

Battery Recycling North America

Negotiations are being advanced in order to secure North American spent battery allocation that will support the Company's first three battery sorting plants and its black mass production plant for a combined capacity of 25,000 tonnes annually.

 

In June 2022, the Company completed the initial design and engineering of its Phase I industrial circuit for battery preparation and processing into black mass. Company management's experience in industrial equipment design, maintenance, and operations allowed it to accelerate from feasibility study to industrial ordering and accelerate industrialization in strategic locations. The modular approach will cost substantially less than what is discussed in the market by many entering the sector. It also allows for a strategy of rapid local and international growth. A portion of the Company's strategy is to focus on novelty in process and avoid developing new equipment. Off-the-shelf industrial units are being purchased to be incorporated within the rollout, which eliminates risk and learning curves.