Saint Jean Carbon Closes Private Placement for Proceeds of $75,000
06 Janeiro 2014 - 6:20PM
Marketwired
Saint Jean Carbon Closes Private Placement for Proceeds of $75,000
OAKVILLE, ONTARIO--(Marketwired - Jan 6, 2014) - Saint Jean
Carbon ("Saint Jean" or the "Company") (TSX-VENTURE:SJL) is pleased
to announce the closing of the non-brokered private placement
announced December 03, 2013 of 1,500,000 units (the "Units") at a
price of $0.05 per Unit for gross proceeds of $75,000 (the
"Offering"). Each Unit consists of one (1) common share ("Common
Share") in the capital of the Company and one (1) Common Share
purchase warrant (a "Warrant"). Each Warrant will entitle the
holder to purchase one Common Share of the Company for a period of
two (2) years from the closing of the Offering at an exercise price
of $0.05. The net proceeds from the Offering will be used by the
Company for working capital and general corporate purposes.
The Offering results from the exercise by a certain investor of
a further tranche under an agreement (the "Subscription Agreement")
with the investor, which was first announced on May 7, 2013 and has
been approved by the TSX Venture Exchange. The Subscription
Agreement gives the investor the right ("Subscription Right"), but
not the obligation, to purchase up to $825,000 in additional units
over a 12-month period, at an issue price that is a 20% discount
from the 30-calendar-day volume weighted average price of the
Common Shares, subject to the pricing requirements of the TSX
Venture Exchange. The investor may exercise any or all of the
Subscription Right at any time but each month the amount of the
Subscription Right remaining to be exercised is reduced by $75,000
whether the Subscription Right is exercised or not. Upon closing of
the Offering, a total of $575,000 will be remaining under the
Subscription right.
Under the Subscription Agreement, a finder's fee of 8% of the
aggregate gross proceeds arising from the Offering is payable by
the Company to Euro Pacific Canada Inc. In addition, the finder
will receive 120,000 non-transferable warrants (the "Compensation
Warrants") which is equal to 8% of the total number of Common
Shares issued under the Offering. Each Compensation Warrant will be
exercisable at a price of $0.10 per Common Share for a period of 24
months from the closing date of the Offering. All of the securities
issued pursuant to the Offering will be subject to a hold period of
four months and one day pursuant to applicable securities laws.
All securities issued will be subject to a hold period of four
months and one day pursuant to applicable securities laws.
About Saint Jean Carbon Inc.
Saint Jean is a publicly traded junior mining exploration
company with a number of mining claims. The Walker property which
is located 40 km north-east of Ottawa consists of 4 claims covering
the past mine and 11 claims covering interesting geological context
for more graphite mineralization in the region around the deposit.
The Mount Copeland molybdenum deposit lies within metamorphic rocks
flanking the southern margin of Frenchman Cap Dome, 32 kilometers
northwest of Revelstoke, British Columbia (the "Mount Copeland
Property"). The Fort-Eden copper property is comprised of 18
mineral tenures that total 2,828.6 hectares in area. The mineral
claims are located 100 km west of Fort St. James, BC (the "Fort
Eden Property"). The Red Bird deposit is comprised of three zones
of molybdenum concentration referred to as the Main, Southeast and
Southwest zones within a property totaling 1,836 ha (4,400 acres)
and is located 133 km southwest of Burns Lake and 105 km north of
Bella Coola (the "Red Bird Property"). The Company plans to divest
(the "Divestitures") each of the Mount Copeland Property, the Fort
Eden Property and the Red Bird Property through a sale or joint
venture, thus allowing it to focus on building a graphite mining
company. Additionally, Saint Jean expects to acquire the new lump
graphite properties in Quebec (the "Wallingford and St. Jovite
Acquisitions") and the previously announced new lump graphite
properties in Sri Lanka from Han Tal Graphite (Pvt) Ltd. (the "Han
Acquisition" and together with the Wallingford and Jovite
Acquisitions, the "Acquisitions") in furtherance of its new
focus.
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.
FORWARD LOOKING STATEMENTS: This news release contains
forward-looking statements, within the meaning of applicable
securities legislation, concerning Saint Jean's business and
affairs. In certain cases, forward-looking statements can be
identified by the use of words such as "plans", "expects" or "does
not expect", "intends" "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved". Such forward-looking statements include those with
respect to the Company's use the proceeds of the Offering as
working capital to fund the continued development of the Company's
business, the Company's intention to complete an agreement with Han
Tal, the Divestitures and the intention to complete the Wallingford
and Jovite Acquisitions.
These forward-looking statements are based on current
expectations, and are naturally subject to uncertainty and changes
in circumstances that may cause actual results to differ
materially. The forward-looking statements in this news release
assume, inter alia, that the conditions for completion of the
Offering, the proposed merger with Han Tal, the Wallingford and
Jovite Acquisitions, and the Divestitures, including regulatory and
shareholder approvals, if necessary, will be met.
Although Saint Jean believes that the expectations
represented in such forward-looking statements are reasonable,
there can be no assurance that these expectations will prove to be
correct. There are risks which could affect Saint Jean's ability to
complete the Offering, the proposed merger and the future results
of the merged company which could cause actual results to differ
materially from those expressed in these forward-looking statements
including negotiation failure or delay, the impact of general
global economic conditions and the risk that they will deteriorate,
industry conditions, including fluctuations in the price of
supplies and the risk that they will increase, that required
consents and approvals from regulatory authorities will not be
obtained, that activity in the lump or vein graphite business will
not be at the level or of the nature anticipated, liabilities and
risks inherent in Saint Jean's operations, technical problems,
equipment failure and construction delay.
Statements of past performance should not be construed as an
indication of future performance. Forward-looking statements
involve significant risks and uncertainties, should not be read as
guarantees of future performance or results, and will not
necessarily be accurate indications of whether or not such results
will be achieved. A number of factors, including those discussed
above, could cause actual results to differ materially from the
results discussed in the forward-looking statements. Any such
forward-looking statements are expressly qualified in their
entirety by this cautionary statement.
All of the forward-looking statements made in this press
release are qualified by these cautionary statements. Readers are
cautioned not to place undue reliance on such forward-looking
statements. Forward-looking information is provided as of the date
of this press release, and Saint Jean assumes no obligation to
update or revise them to reflect new events or circumstances,
except as may be required under applicable securities
laws.
Saint Jean Carbon Inc.Laurie McCarneyDirector of Corporate
Communications(905) 844-1200 ext:
305lmccarney@saintjeancarbon.comwww.saintjeancarbon.com
Saint Jean Carbon (TSXV:SJL)
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