pcNewsWire – Saint Jean Carbon Inc. (TSX-V: SJL) has completed final tranche of private placement, issuing 4,500,000 units at $0.05 per unit for gross proceeds of $225,000 and 2,300,000 flow-through common shares at $0.05 per FT share for gross proceeds of $115,000
Saint Jean Carbon completed the Offering in two tranches and placed an aggregate of 11,050,000 units and 2,300,000 FT shares for aggregate gross proceeds of $667,500.
News Release
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Saint Jean Carbon Closes Final Tranche of Private Placement
May 30, 2017, Oakville, ON, Canada – Saint Jean Carbon Inc. (“Saint Jean” or the “Company”) (TSX-V: SJL) with reference to its previous press releases dated May 16, 2017 and May 17, 2017, wishes to announce that it has closed the final tranche of the Offering (as defined below) by placing 4,500,000 units (“Common Units”) at a price of $0.05 per Common Unit for gross proceeds of $225,000 (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 addition, in closing the final tranche Saint Jean placed 2,300,000 common shares in the capital of the Company issued on a “flow-through” basis pursuant to the Income Tax Act (Canada) (each a “Flow-Through Shares”) at a price of $0.05 per Flow-Through Share for gross proceeds to the Company of $115,000 (the “Flow-Through Share Offering” and together with the Common Unit Offering, the “Offering”).
In connection with the closing of the final tranche of the Offering, the Company paid a cash finder’s fee in the amount of $15,500 to two (2) arm’s length finders (each a “Finder”). In addition, the Company issued 150,000 nontransferable warrants to a Finder entitling the holder to acquire one (1) additional Common Share per warrant at an exercise price of $0.055 per Common Share for a period of 48 months from the date of issuance (“Finder Warrants”).
The Company wishes to advise that it has closed its books with respect to the Offering. The Company closed the Offering in two tranches and placed an aggregate of 11,050,000 Common Units and 2,300,000 Flow-Through Shares for gross proceeds totalling $667,500.
The Company intends to use the proceeds of the Flow-Through Share Offering on the Company’s exploration and development expenditures on its mineral properties located in Quebec and to incur eligible Canadian Exploration Expenses that qualify as Canadian exploration expenses and “flow-through mining expenditures” for purposes of the Income Tax Act (Canada) and which will be renounced in favour of the holders with an effective date of no later than December 31, 2017.
The Company intends to use the proceeds of the Common Unit Offering for general corporate and administrative purposes.
All securities issued as part of the 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
Information Contact:
Email: info@saintjeancarbon.com
Tel: (905) 844-1200
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.
SOURCE: Saint Jean Carbon Inc.
