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Saint Jean Carbon to acquire graphite-prospective claims in Quebec

Saint Jean Carbon Inc. said March 27 that it entered into a nonbinding term sheet with Gratomic Inc. to acquire the graphite-prospective Montpellier mining claims in Quebec, expanding its footprint in the region.

Under the deal terms, the company agreed to issue 4 million shares upon closing and pay a 1.75% net operational operating cost royalty for ten years once the production commences on the claims.

The company intends to immediately conduct a drill program on the claims to complete a NI 43-101-compliant technical report.