Volt Carbon Technologies Inc V.VCT

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[NuclearCrystal]

SAINT JEAN CARBON ANNOUNCES $2,500,000 PRIVATE PLACEMENT

    

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Calgary, AB, Canada, Jan. 24, 2022 (GLOBE NEWSWIRE) -- Saint Jean Carbon Inc. (“Saint Jean” or the “Company”) (TSX-V: SJL) is pleased to announce that is has entered into an Engagement Letter with Sixty Two Capital Pty Ltd. (“Sixty Two Capital” or the “Finder”) pursuant to which the Company intends to complete a non-brokered private placement of 20,000,000 units (each, a “Unit”) at a price of $0.125 per Unit for gross aggregate proceeds of $2,500,000 (the “Offering”).

Each Unit will be comprised of one common share in the capital of the company (each, a “Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder to purchase one additional Share (a “Warrant Share”) at an exercise price of $0.25 per Warrant Share and will expire January 31, 2024. The Units will be subject to a four month and one day hold period.

In consideration for acting as the finder, the Company will pay Sixty Two Capital a cash fee equal to 6% of the aggregate gross proceeds from purchasers of Units sourced by the Finder. In addition, subject to the approval of the TSX Venture Exchange, and upon successful completion of the Offering, Sixty Two Capital will be issued 3,000,000 non-transferrable finder warrants (“FinderWarrants”). Each Finder Warrant will entitle the holder to purchase one additional Share (a “FinderWarrant Share”) at an exercise price of $0.25 per Finder Warrant Share and will expire January 31, 2024. The Finder Warrants and underlying Finder Warrant Shares will be subject to a four month and one day hold period.

Sixty Two Capital is an Australian-based investment and corporate advisory group with a focus on the growth and funding of emerging companies within the mining, technology and life science sectors. Sixty Two Capital will provide cornerstone investment in the placement, and has identified a small number of investors aligned with the Company’s aspirations to develop scalable battery and mining technologies.

Sixty Two Capital Director, Mr. Sufian Ahmad, said “Sixty Two Capital takes pride investing in companies it believes have the potential to achieve tremendous growth. We believe Saint Jean Carbon’s Solid Lithium Battery Development and Graphite Air-Classification Program will enable the Company to establish itself as a leader in electrification technologies.”

The Company intends to use the proceeds of the Offering to further the Company’s battery technology development and for working capital. Although the Company intends to use the proceeds of the Offering as described above, the actual allocation of net proceeds may vary from the uses set forth above, depending on future operations or unforeseen events or opportunities.

Closing of the Offering is subject to customary conditions and regulatory approvals including the approval of the TSX Venture Exchange (the “Exchange”). The Company intends to close the Offering on or before February 11, 2022.