King of the North Corp; Proposed Acquisition Terminated
King of the North Corp; Proposed Acquisition Terminated
-FOR IMMEDIATE RELEASE-
Montréal, December 2, 20 20 – St-Georges Eco-Mining Corp. (CSE: SX) (OTC: SXOOF) (FSE:
85G1) announces the termination of the letter agreement with BWA Group Plc to acquire 100% of King
of the North Corp., as outlined in the Corporation’s news release of August 21, and November 16, 2020.
St-Georges continued to work through the necessary due diligence and closing procedures to complete the
acquisition. However despite signifi cant efforts to negotiate debt settlement agreements on behalf o f
BWA with their creditors, relating to the conditions precedent per the Agreement, it is St -Georges’
position that the counter party was unwilling to close on the agreed upon contractual term s and therefore
it was in the best interests of shareholders to terminate the arrangement.
St-Georges has commenced the process of consulting with its legal advisors to seek full reimbursement
and compensation of its expenses related to the Agreement, and outstanding debts of BWA and KOTN, as
well as, to review potenti al actions on behalf of its shareholders, and as a shareholder and debtholder of
BWA.
Vilhjalmur Thor Vilhjalmsson, Pr esident and CEO, states “Although St -Georges is disappointed that the
acquisition did not close in accordance with its terms, and that it could not salvage KOTN from BWA ’s
failure to properly finance its development and maintain its assets , St-Georges will co ntinue to pursue
strategic acquisitions and is committed to its current assets, with a focus on developing assets in Quebec,
Iceland and the metallurgical R&D work.”
The company holds 60 ,000,000 shares representing 19.65% of the outstanding BWA share capital and
£2,150,000 convertible loan notes in BWA.
ON BEHALF OF THE BOARD OF DIRECTORS
“Vilhjalmur T. Vilhjalmsson”
VILHJALMUR THOR VILHJALMSSON
President & CEO
About St-Georges
St-Georges is dev eloping new technologies to solve some of the most common environmental problems in the
mining industry. The Company controls all the active mineral tenures in Iceland. It also explores for nick el & PGEs
on the Julie Nickel Project and the Manicougan Palla dium Project on the Québec’s North Shore. Headquartered in
Montreal, St-Georges’ stock is listed on the CSE under the s ymbol SX, on the US OTC under the Symbol SXOOF
and on the Frankfurt Stock Exchange under the symbol 85G1
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.