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Saint Jean Carbon Inc. (TSXV:SJL) signed a letter agreement with Pala Investments Limited for a non-brokered $14,000,000 convertible debenture private placement and a $600,000 bridge loan.
As quoted in the press release:
Pala has committed to subscribe for up to $14.0 million of a secured convertible debenture to be issued by Saint Jean, subject to completion of satisfactory due diligence on the Company by Pala, certain other conditions as described below and the approval of the TSX Venture Exchange. The convertible debenture will have an annual coupon of 12%, a term of 3 years and an initial conversion price of $0.045 per share (subject to upward adjustment upon completion of the Share Consolidation as described below).
Saint Jean CEO Paul Ogilvie, said;
We are very pleased by the support of Pala. The financing will help to ensure that Saint Jean is fully funded to close property transactions and from there we can start work on the properties, with a goal to move closer to future production. We look forward to providing our shareholders with a full project development time line in the coming months.
Click here to read the Saint Jean Carbon Inc. (TSXV:SJL) press release
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