St-Georges Eco-Mining raises $321K in first tranche of private placement

St-Georges Eco-Mining (SXOOF) raised C$321,300 through the first tranche of a non-brokered private placement. The company issued 6.43 million units at $0.05 each. Each unit contains one common share plus one full warrant, exercisable at $0.08 for two years. The company will pay finder's fees of C$11,400 and issue 228,000 broker warrants with the same terms.

Net proceeds will fund exploration and general working capital, St-Georges said. The company holds the Ville Marie nickel-copper-cobalt project in Quebec and the Thor gold property in Iceland, plus a minority stake in an Icelandic nickel smelter project.

The company still has an additional C$160,000 available under the same placement terms. Closing of a second tranche would push the total offering to roughly C$481,300, based on the original private placement terms filed.