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OAKVILLE, Ontario, Nov. 27, 2020 (GLOBE NEWSWIRE) -- Saint Jean Carbon Inc. (“Saint Jean” or the “Company”) (TSX-V: SJL) is pleased to announce that it intends to complete a non-brokered private placement financing of up to 3,500,000 common shares in the capital of the Company (the “Shares”) at a price of $0.035 per Share for gross proceeds of up to $122,500 (the “Offering”). The Shares are subject to a four month and one (1) day hold period.
The Company intends to use the proceeds of the Offering to preserve the Company’s existing operations and for general corporate and administrative purposes. The breakdown of the intended use of proceeds for the ensuing 6-month period is shown in the table below:
| Purpose | Amount | |
| Continuing operations and general corporate purposes | $62,500 | |
| Outstanding payables | $60,000 | |
| Gross Proceeds | $122,500 | |
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 “Exchange”). The proposed Offering and pricing of the Shares is in reliance upon the Exchange’s bulletins dated April 8, 2020 titled “Temporary Relief of $0.05 Minimum Pricing Requirement” and September 16, 2020 titled “Temporary Relief of $0.05 Minimum Pricing Requirement – Extension”. The Company intends to close the Offering as soon as practicable.
About Saint Jean
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 claims in the province of Quebec in Canada. For the latest information on Saint Jean’s properties and news please refer to the website: http://www.saintjeancarbon.com/
On behalf of the Board of Directors
Saint Jean Carbon Inc.
William Pfaffenberger, Chairman of the Board, Chief Executive Officer and President
Information Contact:
Email: info@saintjeancarbon.com
Tel: (250) 381-6181
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS: This press release contains forward-looking statements, within the meaning of applicable securities legislation, concerning Saint Jean’s business and affairs. In certain cases, forward-looking statements can be identified by the use of words such as ‘‘plans’’, ‘‘expects’’ or ‘‘does not expect’’, ‘‘budget’’, ‘‘scheduled’’, ‘‘estimates’’, “forecasts’’, ‘‘intends’’, ‘‘anticipates’’ or variations of such words and phrases or state that certain actions, events or results ‘‘may’’, ‘‘could’’, ‘‘would’’, ‘‘might’’ or ‘‘will be taken’’, ‘‘occur’’ or ‘‘be achieved’’. Such forward-looking statements include those with respect to: (i) the approval by the Exchange of the Offering; (ii) completion of the Offering; and (iii) the Company’s intention to use the proceeds of the Offering for operating costs and working capital to fund the continued development of the Company’s business.
These forward-looking statements are based on current expectations, and are naturally subject to uncertainty and changes in circumstances that may cause actual results to differ materially. The forward-looking statements in this news release assume, inter alia, that the conditions for completion of the Offering, including final regulatory approval will be met.
Although Saint Jean believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that these expectations will prove to be correct. There are risks which could affect Saint Jean’s ability to complete the Offering, including that required consents and approvals from regulatory authorities will not be obtained.
Statements of past performance should not be construed as an indication of future performance. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors, including those discussed above, could cause actual results to differ materially from the results discussed in the forward-looking statements. Any such forward-looking statements are expressly qualified in their entirety by this cautionary statement.
All of the forward-looking statements made in this press release are qualified by these cautionary statements. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking information is provided as of the date of this press release, and Saint Jean assumes no obligation to update or revise them to reflect new events or circumstances, except as may be required under applicable securities legislation.