St-Georges Platinum and Base Metals Ltd.
CNSX : SX
BERLIN : 85G

December 31, 2010 14:56 ET

St-Georges Platinum Completes the First Tranche of a Common Share Units and Flow-Through Units Offering

MONTREAL, QUEBEC--(Marketwire - Dec. 31, 2010) - THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES

St-Georges Platinum and Base Metals Ltd. (CNSX:SX)(BERLIN:85G) is pleased to announce the completion of the first tranche of a brokered private placement previously announced of A Units and B Units. A total of 153 A Units at a purchase price of $1,000 per A Unit and 1,471 B Units at a purchase price of $1,000 per B Unit have been issued for total gross proceeds of $1,624,000 (the "Brokered Offering").

The A Units consists of 5,000 common shares at a price of $0.20 per share and 5,000 common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of the capital stock of the Corporation at an exercise price of $0.50 per share at any time on or before the date that is 36 months from the date of issuance of the warrant.

The B Units consists of 4,000 flow-through common shares at a price of $0.25 per share and 4,000 common share purchase warrant. Each whole warrant will entitle the holder thereof to purchase one additional common share of the capital stock of the Corporation at an exercise price of $0.50 per Common Share at any time on or before the date that is 12 months from the date of issuance of the warrant, and thereafter at an exercise price of $0.55 per share at any time on or before the date that is 24 months from the date of issuance of the warrant, and thereafter at an exercise price of $0.60 per share, at any time on or before the date that is 36 months from the date of issuance of the warrant.

As consideration for the services rendered by Jones, Gable & Company Limited ("Jones, Gable") in connection with the Brokered Offering, St-Georges has paid to Jones, Gable a cash commission of $57,880 and issued 722,780 agent's options (each an "Agent's Option"), each Agent's Option entitling its holder thereof to purchase one agent's unit of the Corporation (an "Agent's Unit") at the price of $0.20 per Agent's Unit for a period of 24 months following the closing date. Each Agent's Unit consists of one common share (an "Agent's Unit Share") and one non-transferable common share purchase warrant of St-Georges (an "Agent's Unit Warrant"). Each Agent's Unit Warrant entitle its holder thereof to acquire one additional common share at a price of $0.50 per share during a period of 36 months following the closing date.

Limited Marked Dealer Inc. has also received as a finder's fee of $139,302, 66,500 Agent's Option and 470,000 flow-through agent's options (each a "FT Agent's Option") each FT Agent's Option entitling its holder thereof to purchase one agent's unit of the Corporation (an "FT Agent's Unit") at the price of $0.25 per FT Agent's Unit for a period of 24 months following the closing date. Each FT Agent's Unit consists of one common share (an "FT Agent's Unit Share") and one non-transferable common share purchase warrant of St-Georges (an "FT Agent's Unit Warrant"). Each FT Agent's Unit Warrant entitle its holder thereof to acquire one additional common share at a price of an exercise price of $0.50 per Common Share at any time on or before the date that is 12 months from the date of issuance of the warrant, and thereafter at an exercise price of $0.55 per share at any time on or before the date that is 24 months from the date of issuance of the warrant, and thereafter at an exercise price of $0.60 per share, at any time on or before the date that is 36 months from the date of issuance of the warrant.

Concurrently the Corporation completed the first tranche of a non brokered private placement previously announced of C Units. A total of 763 C Units at a purchase price of $1,000 per unit have been issued for total gross proceeds of $763,000 (the "Non-Brokered Offering").

The C Units consists of 5,000 common shares at a price of $0.20 per share and 5,000 common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional common share of the capital stock of the Corporation at an exercise price of $0.50 per share at any time on or before the date that is 36 months from the date of issuance of the warrant.

The Corporation paid an aggregate of $8,640 in finder's fee on the Non-Brokered Offering.

Directors and officers of the Corporation has participated in the Non-Brokered Offering and subscribed for 135 C Units.

All securities issued in the course of the offerings will be subject to a hold period of four months and one day.

Proceeds of the Units will be used for general working capital purposes and to incur general exploration expenses. The expenses will constitute Canadian exploration expenses and flow-through mining expenditures (as defined in the Income Tax Act (Canada)), which can be renounced to purchasers for the 2010 taxation year.

Both offerings are subject to final approval by the Canadian National Stock Exchange, the "CNSX".

About St-Georges

St-Georges is a junior Platinum, Palladium, Rhodium, Copper, Cobalt and Nickel explorer with projects in Quebec, Canada. Headquartered in Montreal, Quebec, the company's stock is listed on the CNSX under the symbol SX. It owns a 50% interest in the Villebon property in Abitibi Quebec, a 100% interest in eight North Shore properties that constitute the Manicouagan constellation and a 100% in the Isukoustouc group of properties on the Quebec's North-Shore near the deep sea port town of Baie-Comeau. For additional information please visit our website at www.stgeorgesplatinum.com.

THIS PRESS RELEASE, PROVIDED PURSUANT TO APPLICABLE CANADIAN REQUIREMENTS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS ABSENT REGISTRATION OR APPLICABLE EXEMPTION FROM REGISTRATION REQUIREMENTS.

Neither CNSX nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.

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