Saint Jean Carbon to Acquire Process Research Ortech

Saint Jean Carbon (TSXV:SJL), clean energy company principally engaged in clean energy storage and clean energy re-creation announced that it has signed an agreement to acquire mineral processing company Process Research Ortech. The agreement was signed in an arms length term sheet on June 28th.

As quoted in the press release:

The acquisition will enable strategic growth of both companies towards the commercialization of a wide variety of materials and products through direct access to internationally recognized technical and business experts. In addition, the facility at PRO has all the permits and equipment necessary to take on a vast array of mineral processing and metallurgical projects which include: hydrometallurgy, pyrometallurgy, electrometallurgy. With the support of Saint Jean, the goal would be to expand and commercialize PRO’s current portfolio of IP.

Under the terms of the transaction, Saint Jean Carbon will issue 20,000,000 shares and a half warrants at $0.07 for 36 months. PRO’s management will retain their positions in the company for minimum of 18 months and will be entitled to options through the company’s employment option plan. Within the lease the Company will have an option to purchase the property and building for $3,200,000.00 for a period of 18 months. Closing is expected to be within 45 days. The issuance of capital stock is subject to regulatory approval.

Click here to read the full press release.