Second Tranche Of Securities For Debtadmin
Montreal, Quebec, October 7, 2013 – St-Georges Platinum and Base Metals Ltd. (CNSX: SX) (OTCQX: SXOOF) (BSE: 85G) is pleased to announce, further to its July 3rd, 2013 press release, that it has entered into agreements to convert a further $93,913.68 of short term debt into convertible debentures.
In July, the Corporation closed a first tranche of the debenture for a total amount of $1,819,753. The Debentures bear interest at an annual rate of 6%. The interests are capitalized and are calculated on a quarterly basis. The Debenture matures on July 2, 2023. At any time up to the Maturity Date, the Debenture is convertible at the option of the holder into fully paid and non-assessable common shares of the Corporation at the average closing price of the Common Shares on its main trading exchange for the 20 day period preceding the receipt by the Corporation of a conversion form, subject to a minimum price of $0.10 per Common Share. The Debentures contain an accelerated conversion clause at the option of the Corporation in the event the closing price of the Common Shares has been at a minimum of $0.20 for any period of 30 consecutive trading days at any time up to the Maturity Date.
The current "securities for debt" Debenture will bear the same terms except for its maturity date that is set for October 5, 2023. The Debt Settlement is subject to final approval by the CNSX.
President & CEO
St-Georges is a Platinum-Palladium & Nickel explorer with projects in the Province of Quebec, Canada. Headquartered in Montreal, the Company’s stock is listed on the CNSX under the symbol SX, on the OTCQX under the Symbol SXOOF and on the Berlin Stock Exchange under the symbol 85G. Its Flagship projects are the Julie and Isoukustouc projects on Quebec’s North Shore near the deep-seaport town of Baie-Comeau. For additional information, please visit our website at www.stgeorgesplatinum.com.
This document contains certain forward-looking statements which involve known and unknown risks, delays, and uncertainties not under the corporation’s control which may cause actual results, performance or achievements of the corporation to be materially different from the results, performance or expectation implied by these forward-looking statements.
The Canadian National Stock Exchange (CNSX) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
Posted: October 7th, 2013 under ACCESSWIRE.