- Saint Jean Carbon (SJL) has revealed plans to conduct a non-brokered private placement, for proceeds of up to C$122,500
- The company will issue up to 3.5 million common shares, at a price of 3.5 cents per share
- Saint Jean Carbon intends to use the proceeds for the company’s continuing operations, and outstanding payables
- The company completed a similar capital raise last month, also in order to preserve its existing operations
- Saint Jean Carbon is up 16.67 per cent and is currently trading for 3.5 cents per share
Saint Jean Carbon (SJL) has revealed plans to conduct a non-brokered private placement, for proceeds of up to C$122,500.
The company hopes to issue up to 3.5 million common shares, at a price of 3.5 cents per share. Any shares which are issued through the offering will be subject to a hold period of four months and one day.
Saint Jean Carbon intends to use the proceeds to preserve the company’s existing operations. Despite the placement not being completed yet, the company has already decided how much of the potential proceeds will be assigned to which areas over the next six months.
If the full $122,500 is raised, $62,500 of this will go towards Saint Jean Carbon’s continuing operations and general corporate purposes. The remaining $60,000 will be used for outstanding payables.
Despite the company’s clear intentions for the use of offering proceeds, the actual allocation of proceeds may vary, based on future operations, or unexpected events and opportunities.
This latest round of financing comes a little over a month after Saint Jean Carbon completed a similar capital raise. On October 13, the company closed a private placement after issuing roughly 7.9 million units for $197,625 in proceeds.
Much like the proceeds of this latest private placement, the proceeds of the October capital raise were for preserving Saint Jean Carbon’s existing operations, and general corporate or administrative purposes.
A second private placement in as many months begs the question of if the first amount raised was enough to keep the company’s head above water.
Saint Jean Carbon is up 16.67 per cent and is trading for 3.5 cents per share, as of 9:30am EST.
