Dr. Bill Pfaffenberger's Saint Jean Carbon Inc. (SJL) remains halted at eight cents pending completion of a major deal. The company said this week that it has signed a definitive agreement that has it acquiring Solid Ultrabattery Inc., a private company involved in research and development of solid-state batteries. To complete the acquisition, Saint Jean has agreed to issue 22 million shares priced at six cents, placing a $1.32-million value on Solid.
Dr. Pfaffenberger's shareholders can only heave a sigh of relief that the deal is now carved in stone; last week, when he said that he was "close to signing a definitive share exchange agreement," he said the arrangement would have Saint Jean issue 21 million shares. When the company first arranged a letter of intent with Solid's owners in mid-February, the deal had called for Saint Jean to pay just 20 million shares.
Dr. Pfaffenberger says that his company "has been traditionally involved with supply and processing of anode materials for use in batteries" -- true, if by "involved with" he means promoting. Four years ago, Saint Jean, then run by Paul Ogilvie, got itself into hot water with the regulators by puffing up an order from Panasonic Corp. for a few kilograms of material into a request to supply "multiple tonnes of anode material monthly for a number of years." When the dust settled, the number of tonnes matched the number of years -- zero -- and Mr. Ogilvie was gone. Saint Jean settled with the Alberta Securities Commission late last year, paying $62,500 in fines and costs.
Diamond & Specialty Minerals Summary for March 17, 2021
2021-03-17 20:08 ET - Market Summary
by Will Purcell
https://www.stockwatch.com/News/Item?bid=Z-C:*MKTDIAM-3049540&symbol=*MKTDIAM®ion=C
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