Saint Jean receives TSX-V OK to acquire battery company
2021-04-08 11:04 MT - News Release
Mr. William Pfaffenberger reports
SAINT JEAN CARBON RECEIVES CONDITIONAL APPROVAL FOR ACQUISITION OF SOLID ULTRABATTERY
With reference to its prior news releases dated Feb. 10, 2021, March 12, 2021, and March 16, 2021, Saint Jean Carbon Inc. has received conditional approval from the TSX Venture Exchange for the purchase from two arm's-length vendors of all of the issued and outstanding shares of Solid Ultrabattery Inc. (SUB), a private Ontario company involved in the research and development of solid state batteries. Saint Jean intends to finance the purchase of all of the issued and outstanding shares of SUB by issuing 22 million common shares in the capital of the company at a price of six cents per common share for a deemed aggregate purchase price of $1.32-million.
The company has provided the supporting documentation required by the TSX-V with respect to the acquisition. Final approval of the acquisition remains subject to the TSX-V's review of the documentation. The company will provide a further update on the acquisition once the TSX-V has completed its review of the documentation.
The trading in the common shares of the company will resume trading on April 9, 2021.
Dr. Zhongwei Chen, Canada research chair at the University of Waterloo, has spent the past five years developing a solid state battery which requires no anode. He has made coin-cell batteries and is now producing prototype batteries in preparation to installing a battery line later this year. The goal is to produce a battery which can be sold commercially.
About Saint Jean Carbon Inc.
Saint Jean is a publicly traded carbon science company, with specific interests in energy storage and green energy creation and green mining methods, with holdings in mining claims in the province of British Columbia in Canada.
We seek Safe Harbor.