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St-Georges to spin out blockchain-focused subsidiary

St-Georges Eco-Mining Corp. is planning to spin out its new subsidiary ZeU Crypto Networks Inc. in order to focus on metals and mining and enable the unit's management to start and grow operations without restrictions.

The company said May 22 that shareholders will receive 1 ZeU Crypto share for every 8 St-Georges shares held, with the spinout to be listed on the Canadian Securities Exchange. St-Georges will retain 8,750,175 of the 20 million ZeU Crypto shares it owns.

Before the spinout is completed, ZeU Crypto intends to complete an initial tranche of the previously reported debenture financing for up to C$10 million.

St-Georges also reported that the subsidiary amended a deal with Qingdao Tiande Technologies Ltd. and Beijing Tiande Technologies Ltd. to accelerate the deal and facilitate financing.

Under the February agreement, ZeU Crypto will acquire intellectual property including smart contract technologies. The amendment removes a requirement to raise at least C$10 million in a concurrent financing and reorganizes the shares being issued as consideration.