Flow-through shares offering financing and extension of warrants

Montreal – TheNewswire - September 2, 2022 – St-Georges Eco-Mining Corp. SX SXOOF (FSE:85G1) is pleased to announce a non-brokered private placement of "flow-through" units at a price of $0.325 for aggregate gross proceeds of up to $4,500,000.

Each FT Unit consists of one (1) ordinary share in the capital of the Company on a "flow-through" basis (each, an "FT Share") and one FT Share warrant (each, an "FT Warrant").

Each FT warrant entitles its holder to purchase one share at an exercise price of $0.36 per share. The warrants will expire 36 months after their issuance or 30 days after the issuance of a press release accelerating the expiry of the warrants.

In the event that the price of shares on the Canadian Securities Exchange (the "CSE") reaches $0.75 per share on any one day, the Company may , at its option, accelerate the expiry date of the Warrants by delivering a notice to registered holders (an "Acceleration Notice") and by issuing a press release (an "Acceleration Warrant Press Release"). Subscription", and, in such case, the expiry date of the Warrants will be deemed to be 5:00 a.m. (Montreal time) on the 30th day following the later of the following dates: (i) the date on which the acceleration notice is sent to Warrantholders, and (ii) the date of issuance of the Warrant acceleration press release.

The Company will use the flow-through proceeds of the Offering to advance the exploration effort on the Manicouagan Project in Quebec.

A finder's fee may be paid on the Offering, subject to the policies of the CSE. Securities issued under the Offering are subject to the applicable statutory hold period of four months and one day.

Management has received interest from institutional investors for the majority of the Offer and therefore expects to be able to close the Offer before the end of September following the publication of its audited financial statements on SEDAR. Closing of the Offering is subject to receipt of applicable regulatory approvals, including CSE approval.

Other fundraising efforts related to EVSX's factories and recycling operations are under review. The Company does not plan to issue shares, but rather is in discussions with institutions to issue debt and bonds and possibly conduct a green bond issue with certain institutions following receipt of the feasibility study .

Warrant validity extension

The Company also announces that, following multiple requests from former subscribers, it is extending the validity of currently active warrants:

Arm issued Feb 5, 2021 (1,428,571):

Original terms: strike price of $0.21 for a period of 24 months from the closing date.

New terms: strike price of $0.21 for a period of 36 months from the closing date.

Warrants issued on March 3, 2021 and part of a non-flow-through unit (10,000,000):

Original terms: strike price of $0.65 for 18 months after the closing date and $1.05 for the following 18 months.

New terms: strike price of $0.65 for a period of 30 months after the closing date and $1.05 for the following 6 months.

Warrants issued on March 3, 2021 and forming part of a flow-through unit (7,831,632):

Original terms: strike price of $0.75 for 18 months after the closing date and $1.25 for the following 18 months.

New terms: strike price of $0.75 for a period of 30 months after the closing date and $1.55 for the following 6 months.

Warrants issued on March 12, 2021 and forming part of a flow-through unit (1,083,333):

Original terms: strike price of $0.75 for 18 months after the closing date and $1.25 for the following 18 months.

New terms: strike price of $0.75 for a period of 30 months after the closing date and $1.25 for the following 6 months.

Warrants issued on November 30, 2021 and forming part of a flow-through unit (5,063,636):

Original terms: strike price of $0.65 for a period of 24 months from the closing date.

New terms: strike price of $0.65 for a period of 36 months from the closing date.