- Saint Jean Carbon (SJL) has closed its private placement after raising C$197,625 in total proceeds
- Through the placement, the company issued roughly 7.9 million units at a price of 2.5 cents per common unit
- Each common unit contained one common share in Saint Jean Carbon and one common share purchase warrant
- The company will use the proceeds to preserve its existing operations and for general corporate and administrative purposes
- Saint Jean Carbon (SJL) remains unchanged and is currently trading at 3.5 cents per share
Saint Jean Carbon (SJL) has closed its latest private placement after raising C$197,625 in total proceeds.
The company previously announced the private placement earlier this year, on August 26, 2020.
During the placement, Saint Jean issued a total of 7,905,000 units, at a price of 2.5 cents per common unit. Each common unit contained one common share in the company, and one common share purchase warrant.
Each warrant allows the holder the buy one more common share in Saint Jean, at an exercise price of five cents per common share. The warrants can be exercised within 36 months of the date of the warrants’ issuance.
All securities which are issued through the offering are subject to a hold period of four months and one day.
Over the next six months, the company plans to use the proceeds of the placement for a variety of purposes. The $197,625 raised has already been broken down into smaller amounts, which have been assigned to various areas which require funding.
The largest portion of the funds, consisting of $72,625, will go towards continuing and preserving the company’s existing operations. The next largest portion, consisting of $65,000, will be put towards outstanding payables.
Saint Jean will use $42,000 of the proceeds for the company’s monthly recurring costs. The remainder of the funds, consisting of $18,000, will take care of closing costs and the company’s Annual General Meeting.
While the company plans to use the offering’s proceeds as described in the aforementioned breakdown, the actual allocation of funds may vary. This will depend on Saint Jean’s future operations, unforeseen events or opportunities, and general trading conditions.
Saint Jean Carbon (SJL) remains unchanged and is trading at 3.5 cents per share at 10:53am EDT.