Montreal, May 16, 2019 / TheNewswire / St-Georges Eco-Mining Corp. (CSE: SX) (OTC: SXOOF) (FSE: 85G1) would like to inform its shareholders that it has received a written communication from the British Colombia Securities Commission concerning the Company's compliance with continuous disclosure regulations.
The BCSC notified management of the Company that it has rescinded its Cease Trade Order instated on May 6, 2019 for failure to file its annual audited financial statements for the financial year ending on December 31, 2018 (FFCTO). The Company also had communications with the Ontario Securities Commission and the Alberta Securities Commission on the same topic.
After review, the Company was deemed to be in compliance with the regulations and the CTO order was rescinded. Significant late filling fees have been incurred.
Highlight of the 2018 Financial Statements
In 2018, the Company lost $7,883,553 or $0.08 per share.
Of this amount, $4,412,060 or $0.045 per share is directly related to the consolidation of the Financial Statements of the Company's subsidiary ZeU Crypto Networks for the same period:
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$235,908 being capitalized interests on convertible debentures payable in ZeU shares at a minimum conversion price of $1.00;
$3,003,302 being related to the collapse in value of the ETH digital assets held by the Company's Subsidiary ZeU Crypto Networks. The price of the ETH on December 31 was USD $133.37 and ETH trades in excess of USD $279.00 today. This lost is "unrealized" as the assets were not disposed of.
As per December 31, 2018, the Company had a consolidated $4,614,442 in capitalized and/or liquid assets and total liabilities of $6,635,605. A significant portion of these liabilities can be remedied with the conversion of the convertible debentures of ZeU Crypto Networks into its common shares at a minimum price of $1.00. The remaining liabilities as of December 31, 2018 were of a consolidated amount of $1,212,085.
Corporate Update
Although developments occurred through sub-contractors and third party lab partners and these activities are still on-going, the Cease Trade Order has affected the timeline of the Company's many deliverables. Management expects to be able to review and update the activities of its different business segments and will communicate all material changes occurring in parallel to its corporate activities in a timeline manner over the next few days.
The Q1 2019 Interim Financial Statements for ZeU Crypto as well as the Q12019 Interim Financial Statements for St-Georges should be available next week as well as their respective MD&A.
ON BEHALF OF THE BOARD OF DIRECTORS
"Mark Billings"
MARK BILLINGS, CHAIRMAN OF THE BOARD
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.
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