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St-Georges Announces Delay in Filing Annual Financial Statements





  

Montréal – TheNewswie - May 3, 2021 St-Georges Eco-Mining Corp. (CSE:SX) (CNSX:SX.CN) (OTC:SXOOF) (FSE:85G1) announces that its consolidated audited annual financial statements for the year ended December 31, 2020, including the related management’s discussion and analysis and the related CEO and CFO certifications (collectively, the “Annual Financial Filings”) were not filed by the required filing deadline of April 30, 2021 (the “Filing Deadline”).

 

The Annual Financial Filings were not filed on or before the Filing Deadline due to the delay in the completion of the year-end audit of ZeU Technologies, Inc. (“ZeU”), a corporation in which the Company has a substantial interest. The Company owns approximately 29.59% of the issued and outstanding common shares of ZeU.  As a result, the Company will need more time to complete its consolidated financial statements.  

 

The Company is working on the steps required to complete the Annual Financial Filings and expects to be able to file the Annual Financial Filings by May 21, 2021. The Company will provide updates as further information relating to the Annual Financial Filings becomes available.

 

The Company has applied to the applicable securities regulatory authorities and received a management cease trade order (“MCTO”) imposed against the Chief Executive Officer, Mr. Herb Duerr and Chief Financial Officer, Mr. Richard Barnett, of the Company precluding them from trading securities of the Company. The MCTO will be in effect until the Annual Financial Filings are filed and requires that the Annual Financial Filings be filed on or before May 21, 2021.

 

No other shareholders other than the two officers mentioned will be affected by the MCTO order.

 

Until the Annual Financial Filings are filed, the Company intends to issue bi-weekly default status reports in accordance with National Policy 12-203 - Management Cease Trade Orders. The Company intends to satisfy the provisions of the Alternative Information Guidelines during the period it remains in default of the filing requirements. The Company confirms that there is no other material information relating to its affairs that has not been generally disclosed.

  

ON BEHALF OF THE BOARD OF DIRECTORS

 

Frank Dumas”

 

FRANCOIS (FRANK) DUMAS

COO & Director

A bout St-Georges

St-Georges is developing 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 nickel & PGEs on the Julie Nickel Project and the Manicougan Palladium Project on the Québec’s North Shore. 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.

 

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.