- Signed binding term sheet with Iconic Minerals Ltd (TSX-V: ICM)
- St-Georges has agreed to provide research and development utilizing products, extraction methods and proprietary technology to develop Iconic’s Bonnie Claire lithium project in separation, recovery, and purification of lithium from its lithium bearing material
Montreal, Quebec / August 10, 2017 – St-Georges Platinum and Base Metals Ltd. (CSE: SX) (OTC: SXOOF) (FSE: 85G1) is pleased to announce that it has signed a binding term sheet with Iconic Minerals Ltd (TSX-V: ICM) pursuant to which St-Georges has agreed to provide research and development utilizing products, extraction methods and proprietary technology to develop Iconic’s Bonnie Claire lithium project in separation, recovery, and purification of lithium from its lithium bearing material.
In consideration for the R&D, which will include engineering services, and once a definitive agreement has been entered into, Iconic has agreed, subject to receipt of acceptance by the TSX Venture Exchange, to issue St-Georges up to 5,000,000 common shares of its capital stock. The issuance will be done in stages over a 36-month period commencing on the date of execution of the Definitive Agreement. St-Georges has agreed that any and all Compensation Shares issued will be held by a third party escrow agent and released to St-Georges at the end of the 36-month period, contingent on St-Georges reaching certain performance benchmarks.
The Parties will establish a royalty stream on the commercial output of the Property for the entire mine life, which will be opposable to any successors of Iconic as a lien on the mining assets. St-Georges and Iconic will negotiate a right of first refusal in favor of Iconic. The royalty, of which further details will be defined in the definitive agreement within the guidelines of the “Royalty Formula” of the binding term sheet, will take the form of a 5% Net Revenue Interest or Net Revenue Return.
A further News Release will be disseminated once the Definitive Agreement has been entered into. The definitive agreement will be subject to acceptance of the board of directors of both companies and subject to review by regulatory authorities.
ON BEHALF OF THE BOARD OF DIRECTORS
“Frank Dumas’
FRANK DUMAS, PRESIDENT & CEO
About St-Georges
St-Georges is developing new technologies to solve the biggest environmental problems in the mining industry. If these new technologies are successful, they should improve the financial bottom line of current mining producers. The potential success of these technologies would also involve upgrading certain current known metal resources to economic status while addressing the environmental and social acceptability issues.
The Company control directly or indirectly all of the active mineral tenures in Iceland. It also explores for Nickel on the Julie Nickel Project & for industrial minerals on the Quebec’s North Shore and for Lithium and rare metals in Northern Quebec and in the Abitibi area. Headquartered in Montreal, St-Georges’ stock is listed on the CSE under the symbol SX, on the US OTC under the Symbol SXOOF and on the Frankfurt Stock Exchange under the symbol 85G1. For additional information, please visit our website at www.stgeorgesplatinum.com
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.