Dec 11 2014
Saint Jean Carbon Inc. is pleased to announce that it has signed an arm's length definitive agreement to acquire the 100% interest in two properties. The first property, Miller East, comprises 9 (nine) mineral claims covering approximately 540 hectares located in Quebec adjacent to the east of Canada Carbon Inc.'s historic Miller Graphite Project and in the vicinity of Caribou King Resources Ltd Miller East.
The second property, Page, comprises of one (1) claim number consisting of 16 claim units comprising 256 hectares located within the Porcupine District of Central Ontario, adjoining the Albany Graphite Deposit that is presently under advanced exploration by Zenyatta Ventures Ltd.
On closing, the Company will issue 3,000,000 common shares as partial consideration for the Miller East and Page Properties at a deemed value of $0.05 per share. The Company is required to issue an additional 500,000 shares for Miller East and Page Properties on the first anniversary date of the Closing, provided always that the Mining Claims produce a graphite ore body with a grade of 30% and quality of 90% Cg as well as a graphite ore body quantity of 2,000,000 metric tonnes and after the Company has made up to $250,000 in exploration expenditures on the property to verify same. The vendor will also retain a Royalty of one percent (1%) on the Production Cost of the Concentrate Material. All securities issued will be subject to a hold period of four months and one day pursuant to applicable security laws. The agreement is subject to approval of the TSX Venture Exchange.