pcNewsWire – Saint Jean Carbon Inc. (TSX-V: SJL) has closed first tranche of proposed private placement announced on May 16, 2017, placing 6,550,000 units at $0.05 per unit for gross proceeds of $327,500
Saint Jean Carbon Closes First Tranche of Private Placement
OAKVILLE, ONTARIO–(Marketwired – May 17, 2017) –
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Saint Jean Carbon Inc. (“Saint Jean” or the “Company”) (TSX VENTURE:SJL) with reference to the previous press release dated May 16, 2017, wishes to announce that it placed an aggregate of 6,550,000 units (“Common Units”) at a price of $0.05 per Common Unit for gross proceeds of $327,500 (the “Common Unit Offering”). Each Common Unit consists of one (1) common share in the capital of the Company (“Common Share”) at a price of $0.05 per Common Share and one (1) common share purchase warrant (“Warrant”). Each Warrant entitles the holder to acquire one (1) additional Common Share at an exercise price of $0.055 per Common Share for a period of 48 months from the date of issuance.
In connection with the closing of the first tranche of the Common Unit Offering, the Company paid a cash finder’s fee in the amount of $27,000 to one arm’s length finder (the “Finder”). In addition, the Company issued 270,000 non-transferable warrants to the Finder entitling the holder to acquire one (1) additional Common Share at an exercise price of $0.055 per Common Share for a period of 48 months from the date of issuance.
All securities issued as part of the Common Unit Offering are subject to a four month and one (1) day hold period.
About Saint Jean
Saint Jean is a publicly traded carbon science company, with interest in graphite mining claims on the 100% Company-owned properties located in the province of Quebec in Canada. The five properties include the Walker property, a past producing mine, the Wallingford property, the Buckingham property, East Miller and Clot property. For information on Saint Jean’s other properties and the latest news please go to the website: www.saintjeancarbon.com
On behalf of the Board of Directors
Saint Jean Carbon Inc.
Paul Ogilvie, CEO and Chairman
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Saint Jean Carbon Inc.