Private Placement Closed December 31, 2013 11:57 ET
Saint Jean Carbon Closes Private Placement for Proceeds of $300,000
OAKVILLE, ONTARIO--(Marketwired - Dec. 31, 2013) - Saint Jean Carbon ("Saint Jean" or the "Company") (TSX VENTURE:SJL) is pleased to announce the closing of the non-brokered private placement announced November 27, 2013 of 6,000,000 units (the "Units") at a price of $0.05 per Unit for gross proceeds of $300,000 (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. Management of the Corporation subscribed for more than 25% of the placement.
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.
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.