Saint Jean Carbon Inc. (TSXV:SJL) announced that it has amended the terms of an arm’s length definitive agreement with Han Tal Holdings (Private) Ltd., a holding company based in Sri Lanka.
The agreement concerns the acquisition of 113 mining grids containing 56 historical mines and exclusive exploration licenses.
The consideration to be paid by Saint Jean has been amended as follows:
(i) the Company shall pay $30,000 CDN to Han upon closing together with the issuance of 5,000,000 common shares of Saint Jean to Han. Such common shares are to be issued at $0.05 per share for an aggregate deemed value of $250,000;
(ii) upon completion and delivery of NI 43-101 Report relating to the mining grids which is acceptable to the TSX Venture Exchange on or before October 31, 2014, Saint Jean shall pay Han $270,000 CDN; and
iii) upon commencement of full production, meaning that mining grids will have operated for 3 continuous months at a production rate of three hundred metric tons per vein/mine per month, the Company will make a final payment to Han consisting of cash in the amount of $750,000 CDN and 7,500,000 shares of Saint Jean. Such common shares are to be issued at $0.05 per share for an aggregate deemed value of $375,000.