Saint Jean to Acquire Miller East and Page Graphite Properties

Saint Jean Carbon Inc. (TSXV:SJL) announced that it has signed an arm’s length definitive agreement to acquire two properties: Miller East, which covers about 540 hectares, and Page, which covers 256 hectares.

The former is adjacent to Canada Carbon Inc.’s (TSXV:CCB) Quebec-based Miller property, and the latter adjoins Zenyatta Ventures Ltd.’s (TSXV:ZEN) Albany deposit in Ontario.

As quoted in the press release:

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 (the ‘Exchange’).

Click here to read the full Saint Jean Carbon Inc. (TSXV:SJL) press release.