Saint Jean closes $340,000 final tranche of financing


May 30, 2017

Saint Jean Carbon Inc (C:SJL)
Shares Issued 216,170,130
Last Close 5/29/2017 $0.045

Mr. Paul Ogilvie reports

With reference to its previous press releases dated May 16, 2017, and May 17, 2017, Saint Jean Carbon Inc. has closed the final tranche of the offering by placing 4.5 million units at a price of five cents per common unit for gross proceeds of $225,000. Each common unit consists of one common share in the capital of the company at a price of five cents per common share and one common share purchase warrant. Each warrant entitles the holder to acquire one additional common share at an exercise price of 5.5 cents per common share for a period of 48 months from the date of issuance.

In addition, in closing the final tranche Saint Jean placed 2.3 million common shares in the capital of the company issued on a flow-through basis pursuant to the Income Tax Act (Canada) at a price of five cents per flow-through share for gross proceeds to the company of $115,000.

In connection with the closing of the final tranche of the offering, the company paid a cash finder's fee in the amount of $15,500 to two arm's-length finders. In addition, the company issued 150,000 non-transferable warrants to a finder entitling the holder to acquire one additional common share per warrant at an exercise price of 5.5 cents per common share for a period of 48 months from the date of issuance.

The company wishes to advise that it has closed its books with respect to the offering. The company closed the offering in two tranches and placed an aggregate of 11.05 million common units and 2.3 million flow-through shares for gross proceeds totalling $667,500.

The company intends to use the proceeds of the flow-through share offering on the company's exploration and development expenditures on its mineral properties located in Quebec and to incur eligible Canadian exploration expenses that qualify as Canadian exploration expenses and flow-through mining expenditures for purposes of the Income Tax Act (Canada) and which will be renounced in favour of the holders with an effective date of no later than Dec. 31, 2017.

The company intends to use the proceeds of the common unit offering for general corporate and administrative purposes.

All securities issued as part of the offering are subject to a four-month-and-one-day hold period.

About Saint Jean Carbon Inc.

Saint Jean is a publicly traded carbon science company, with interest in graphite mining claims on the 100-per-cent company-owned properties located in the province of Quebec in Canada. The five properties include the Walker property (a past-producing mine), the Wallingford property, the Buckingham property, and the East Miller and Clot properties.

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