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St-Georges unit secures option to acquire Winter House project

St-Georges Platinum & Base Metals Ltd. said Dec. 18 that its Kings Of The North Corp. unit signed an option agreement to acquire the gold-prospective Winter House project in Quebec for 6 million Kings Of The North shares and by assuming C$140,000 in current exploration expenses at the property.

The sellers were not disclosed, but as part of the option, St-Georges officers Francois Dumas and Neha Edah Tally will be issued Kings Of The North shares. Dumas will receive 1.28 million shares, while Tally will get 120,000 shares. The sellers will also be granted a 3.5% net smelter royalty over the property.

Upon exercising the option, Kings Of The North will have 18 million shares outstanding, 67% of which will be owned by St-Georges.

In a Dec. 15 statement, St-Georges said it will complete its name change to St-Georges Eco-Mining Corp., effective Dec. 20, but will continue trading on the Canadian Securities Exchange under the SX ticker. The name change forms part of a corporate rebranding after the company's acquisition of a 60% interest in Iceland Resources EHF and its efforts to develop green technology projects and technologies for the mining and commodities sectors.