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Saint Jean Carbon to raise up to C$1.2M in placement

Greenhouse gas and gold mines Nearly 1 ton of CO2 emitted per ounce of gold produced in 2019

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Saint Jean Carbon to raise up to C$1.2M in placement

Saint Jean CarbonInc. said April 25 that it plans to raise up to C$1.2 million througha nonbrokered private placement of 8 million flow-through units and 16 million commonunits.

The company is looking to raise as much as C$400,000 from theflow-through units offering at 5 Canadian cents apiece. Each unit consists of oneflow-through share priced at 5 cents and 0.5 of a purchase warrant, with a wholepurchase warrant exercisable for one common share at 6 cents for a 36-month periodfrom issuance.

Meanwhile, a maximum of C$800,000 can be raised from the offeringof the 16 million common units at 5 cents each. A common unit will comprise onecommon share priced at 5 cents and 0.5 of a purchase warrant, with a whole warrantentitling its holder to acquire one common Saint Jean share at 6 cents for a periodof 36 months from issuance.

Saint Jean plans to use the proceeds from the flow-through unitsoffering on exploration and development expenditures on its mineral properties inQuebec and to incur Canadian exploration expenses qualified as flow-through miningexpenditures, in accordance with the country's tax laws, to be renounced no laterthan Dec. 31.

The rest of the proceeds are earmarked for general working capital.

The closing of the financing is expected on or before April 29,subject to customary conditions including approvals.