Montréal - TheNewswire - April 19, 2021 - St-Georges Eco-Mining Corp. (CNSX:SX.CN) (OTC:SXOOF) (FSE:85G1) is pleased to disclose that it has entered a binding term sheet to secure the site and building for its proposed battery recycling plant in the deep seaport of Baie-Comeau on the Québec North Shore.
The parties will have 30 days to finalize and execute a long-form agreement conditional on the positive outcome of the feasibility study already underway. Part of the binding agreement concerns the access to the engineering expertise that will allow the Company to have trained professionals working in the facilities from day one of operations planned for later this year.
Important milestone reached allowing equipment vendors to share information with the newly secured engineering team to accelerate the design of the Baie-Comeau proposed electric vehicle, or EV, battery recycling plant with a target phase 1 production capability of 10,000 annual metric tonnes.
The agreement, a long-term lease with an option to buy the targeted plant, was executed on April 16, 2021, and calls for a long-form agreement to be signed within 30 days. Additionally, a long-form engineering and technical services agreement, with the option to acquire the engineering firm, Roberge Industries Inc., will be included in the final agreement.
St-Georges will design the battery recycling plant to be modular and preassembled to reduce construction and installation costs, timelines, and other challenges. The approach is to have a universal battery recycling plant that can use the procedures for process, safety, and maintenance anywhere in the world, including maintenance management systems with a technology allowing real-time auditing and the generation of tradeable carbon credits as well as machine learning management systems allowing real-time optimization of the process as well as the output based on market needs.
St-Georges will issue to Roberge Industries Inc. a total of 500,000 common share warrants with an execution price of $0.75 for two years with a clause to allow the Company to accelerate the expiration of these warrants if the share price of St-Georges exceeds $1.13 at any time after the 4-month regulatory hold period.
Mr. Guy Roberge, president of Roberge Industries Inc., commented, “(…) We are flattered by the confidence put into our capacities and professionalism of our people by EVSX/St-Georges (…) However, this does not come as a surprise to us as we learned to develop cutting edge engineering concepts and designs over the years and we are certain that we can deliver on this mandate while maintaining our highest level of services to our existing clients. (…) Although this is preliminary, we are excited to join the feasibility study team composed of tier-one industry players, and we will work diligently to complete the detailed agreement within the next month (…) For us, and most probably for the whole region, it represents the beginning of an exciting new business that will propel us into the future (…)
