Mr. Paul Ogilvie reports

SAINT JEAN CARBON CLOSES FINAL TRANCHE OF PRIVATE PLACEMENT

Saint Jean Carbon Inc., with reference to the previous news releases dated April 25, 2016, and April 26, 2016, has placed a total of eight million units (flow-through) at a price of five cents per flow-through unit for gross proceeds to the company of $400,000. Each flow-through unit consists of one common share in the capital of the company issued on a flow-through basis pursuant to the Income Tax Act (Canada) at a price of five cents per flow-through share and one-half of a common share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share in the capital of the company at an exercise price of six cents per common share for a period of 36 months from the date of issuance.

In addition, Saint Jean placed a total of 6,075,000 units at a price of five cents per common unit for gross proceeds to the company of $303,750. Each common unit consists of one common share at a price of five cents per common share and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share at an exercise price of six cents per common share for a period of 36 months from the date of issuance.

In connection with the closing of the flow-through unit offering, the company paid a cash finder's fee in the amount of $36,000 to one arm's-length finder. In addition, the company issued options entitling two arm's-length finders to each purchase 360,000 common units at a price of five cents per common unit.

The company intends to use the proceeds of the flow-through unit offering on the company's exploration and development expenditures on its mineral properties located in Quebec, and to incur eligible Canadian exploration expenses that qualify as Canadian exploration expenses and flow-through mining expenditures for purposes of the Income Tax Act (Canada), and which will be renounced in favour of the holders with an effective date of no later than Dec. 31, 2016.

The company intends to use the proceeds of the common unit offering for general corporate and administrative purposes.

All securities issued as part of the offering are subject to a four-month-and-one-day hold period.

The company wishes to advise that it has closed its books with respect to the offering.

We seek Safe Harbor.