Stocks on the Canadian Securities Exchange are climbing marginally higher today, including a few cannabis stocks that dropped yesterday after US Attorney General Jeff Sessions made a surprising announcement regarding the legalization of cannabis.
However, the stock that is making the most noise on the exchange is St-Georges Eco-Mining Corp (CNSX:SX) (OTCMKTS:SXOOF), which just recently changed its name from St-Georges Platinum and Base Metals, Inc.
What Happened Friday?
As of this writing, St-Georges Eco-Mining is trading at $1.04, which puts the stock up $0.43, or 70.49%.
Based in Montreal, Canada, St-Georges Eco-Mining develops various extraction processing technologies, all of which are innovative and environmentally friendly. The company has had a busy couple of months, from adding Sheldon Inwentash to its advisory board to announcing that its subsidiary, Kings of the North, has entered into an options agreement.
However, it is more likely that St-Georges more than 50% surge on Friday’s trading session was caused by the company’s announcement on Thursday, January 4.
The Announcement
Yesterday, St-Georges Eco-Mining disclosed to its shareholders that it has officially signed a blockchain and smart contract technology license agreement, all of which is significant and non-arms length, with Qingdao Tiande Technologies, a company that is led by Dr. Wei-Tek Tsai.
Not only is this significant news because it means yet another company is moving into the world of blockchain technology, it is also significant for St-Georges Eco-Mining itself as it means the Canadian company’s venture into the sector will likely be done with ease considering Dr. Tsai is a world-famous expert on blockchain.
According to the press report, the terms of the license state that St-Georges Eco-Mining will be eligible to use Tiande’s advanced technologies, and SX will be required, respectively, to pay Tiande a royalty of 8% in regards to the gross revenues that come from the license.
Check back later this month, and hopefully, we’ll have some information for you regarding the company’s first couple of weeks of working with one another.
Featured Image: twitter
