Saint Jean closes acquisition of Miller East, Page Saint Jean closes acquisition of Miller East, Page
Saint Jean Carbon Inc (C:SJL)
Shares Issued 91,700,960
Last Close 12/16/2014 $0.015
Thursday December 18 2014 - News Release
Ms. Laurie McCarney reports
SAINT JEAN CARBON CLOSES ACQUISITION ON THE MILLER EAST AND THE PAGE GRAPHITE PROPERTIES
Saint Jean Carbon Inc. has closed an arm's-length transaction to acquire the 100-per-cent interest in two properties, the Miller East and Page properties.
On closing, the company issued three million common shares as partial consideration for the Miller East and Page properties at a deemed value of five cents per share. The company is required to issue an additional 500,000 shares for the Miller East and Page properties on the first anniversary date of the closing, provided always that the mining claims produce a graphite orebody with a grade of 30 per cent and quality of 90 per cent graphitic carbon, as well as a graphite orebody quantity of two million metric tonnes and after the company has made up to $250,000 in exploration expenditures on the property to verify same. The vendor will also retain a royalty of 1 per cent on the production cost of the concentrate material. All securities issued will be subject to a hold period of four months and one day pursuant to applicable security laws.
The first property, Miller East, comprises nine mineral claims covering approximately 540 hectares located in Quebec adjacent to the east of Canada Carbon Inc.'s historic Miller graphite project and in the vicinity of Caribou King Resources Ltd.'s Miller East project. The second property, Page, comprises one claim number, consisting of 16 claim units, comprising 256 hectares located within the Porcupine district of Central Ontario, adjoining the Albany graphite deposit, which is presently under advanced exploration by Zenyatta Ventures Ltd.
We seek Safe Harbor.
© 2014 Canjex Publishing Ltd.