Saint Jean Carbon is pleased to announce that it intends to complete a non-brokered private placement financing of up to 8,000,000 Units at a price of $0.025 per Unit for gross proceeds of up to $200,000.
Each Unit will consist of one (1) common share in the capital of the Company and one (1) common share purchase warrant (each a “Warrant”). Each Warrant will entitle the holder to acquire one (1) additional common share in the capital of the Company (each a “Warrant Share”) at an exercise price of $0.05 per Warrant Share for a period of 36 months from the date of issuance. All securities issued as part of the Offering will be subject to a four month and one (1) day hold period. The Company intends to use the proceeds of the Units to preserve the Company’s existing operations and for general corporate and administrative purposes.
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 proposed Offering and pricing of the Units is in reliance upon the Exchange’s bulletin dated April 8, 2020 titled “Temporary Relief of $0.05 Minimum Pricing Requirements”. The Company intends to close the Offering as soon as practicable.