en.Wedoany.com Reported - St-Georges Eco-Mining Corp. (CSE: SX) (OTCQB: SXOOF) (FSE: 85G1) has completed the first tranche of its non-broker private placement, consisting of 6,426,040 units at a price of $0.05 per unit, raising total gross proceeds of $321,302.

Each unit comprises one common share of the company and one-half of one common share purchase warrant. Each full warrant entitles the holder to purchase one additional common share at a price of $0.075 per share for a period of 24 months from the closing date, subject to an acceleration clause. Subscribers in this offering include seven investors from Canada, Iceland, Australia, and Germany. All securities issued in connection with this offering are subject to a statutory hold period of four months and one day from the date of issuance, in accordance with applicable securities laws.

The proceeds from the offering have been used to maintain the company's assets and infrastructure, including sample and core storage, license renewals, contractual commitments, and other expenditures required to maintain the company's interests in Iceland. A portion of the funds has been allocated to operating expenses of the company's battery processing subsidiary. The remaining funds have been used to fulfill obligations related to asset maintenance and operations, as well as general corporate management and administrative purposes. Some subscribers in this offering are existing trade creditors of the company or its subsidiaries, and a portion of the proceeds has been used to pay outstanding accounts payable to these parties in the ordinary course of business. Subscriptions from non-related parties in Iceland and Ontario fall under this category.

An officer of a subsidiary of the company participated in the offering by subscribing for 1,000,000 units. This participation constitutes a related party transaction under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The company relied on exemptions from formal valuation and minority shareholder approval requirements under Sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the securities issued to the related party and the consideration paid by the related party did not exceed 25% of the company's market capitalization.

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