Mr. Paul Ogilvie reports
SAINT JEAN CARBON CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT
With reference to the previous press release dated March 19, 2019, Saint Jean Carbon Inc. has placed an aggregate of 4,277,500 units at a price of 3.5 cents per common unit for gross proceeds of $149,712.50. Each common unit consists of one common share in the capital of the company at a price of 3.5 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 five cents per common share for a period of 36 months from the date of issuance.
In connection with the closing of the first tranche of the offering, the company paid a cash finder's fee in the aggregate amount of $6,853.88 to an arm's-length finder.
The company intends to use the proceeds of the offering to preserve the company's existing operations and for general corporate and administrative purposes. Assuming that the offering is fully subscribed, the breakdown of the intended use of proceeds for the ensuing six-month period is shown in the attached table.
Payment of outstanding payables $ 82,000
Operating costs $ 55,000
General working capital $240,000
Private placement expenses $ 23,000
Gross proceeds $400,000
Although the company intends to use the proceeds of the offering as described herein, the actual allocation of net proceeds may vary from the uses set forth herein, depending on future operations or unforeseen events or opportunities. If the offering is not fully subscribed, the company will apply the proceeds of the offering to the aforementioned uses in priority and in such proportions as the board of directors and management of the company determine in the best interest of the company.
All securities issued as part of the offering are subject to a four-month-and-one-day hold period.
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 re-creation, with holdings in graphite mining and lithium claims in the province of Quebec in Canada.
We seek Safe Harbor.
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