Saint Jean Carbon Starts 2014 with $1.4 Million Revenue Generating
Acquisition
OAKVILLE, ONTARIO--(Marketwired - Jan 15, 2014) - Saint Jean
Carbon Inc. ("Saint Jean" or the "Company") (TSX-VENTURE:SJL) has
entered into a non-binding agreement with an arm's length party to
acquire Minmet Carbons Inc. ("Minmet"), a private company, a
supplier of raw materials to the steel, foundry and mining
Industries since 1993. Saint Jean views this as an initial step to
becoming a long-term supplier of Industrial Minerals. The company
believes that having real revenues and profit will make Saint Jean
an attractive junior mining company for investors as it moves
forward with graphite production on its global properties. The
Company intends to sign a definitive agreement with respect to the
Minmet acquisition (the "Minmet Acquisition") shortly.
The CEO of Saint Jean Carbon, Mr. Paul Ogilvie stated: "We are
extremely pleased to have the opportunity to bring the Minmet
operations and its President, Mr. Chris Wood, together with Saint
Jean Carbon. Chris brings a wealth of carbon industry and product
knowledge to the table as well as an extremely valuable network of
industry supply and customer contacts. Our business goal is to
acquire more business in 2014 and with Minmet's historical year
over year revenues of about $1.4 million and a sales forecast for
of about $2 million for 2014, we would have an excellent head start
on that objective. As noted, Mr Wood's 20+ years of experience in
the industrial mineral sales is very important to us as we continue
to acquire other business, and broaden our mineral offerings".
Mr. Wood also expressed his enthusiasm for the merger of the two
companies: "This agreement represents an outstanding opportunity
for both companies to leverage their respective strengths and build
out new sources of revenue and growth. From my perspective the
appeal has been the chance to combine the obvious synergies in
terms of skills, access to capital, and infrastructure. I think the
benefits of this combined horsepower will become an important
factor in further distinguishing Saint Jean in the graphite and
minerals markets".
The acquisition of Minmet will provide Saint Jean Carbon with
significant access to multiple new global sources of and markets
for both natural and synthetic graphite, as well as a wide range of
other industrial materials. It also provides the Company with
opportunities to generate near-term cashflow and increased exposure
to the carbon market supply chain. The Company plans on acquiring a
few other carbon businesses this year, with the goal of generating
new and profitable raw material sales both directly and through a
blend of material processing.
CEO Paul Ogilvie, further stated: "We are very hopeful, with a
broadened offering of industrial minerals, as an example; synthetic
graphite or lithium, we will be offering our client's more than
just graphite as our existing properties come into production.
Being able to expand these offerings will allow us to continue
developing an increasingly strong relationship with our customers
and identify a growing list of opportunities."
Terms
The Minmet acquisition terms contemplate an issuance of 500,000
(issued at $0.05 per share) shares upon signing of the term sheet,
an issuance of 2,000,000 (to be issued at market) shares on closing
(expected to be 60 days) and an additional 1,000,000 (to be issued
at market) shares on the anniversary of the closing provided
certain conditions are met. The Minmet Acquisition is subject to
the approval of the TSX Venture Exchange. All securities issued
shall be subject to a four month and one day hold period pursuant
to applicable securities laws.
About Minmet
Minmet Metallurgical Inc. is a private Ontario corporation
founded in 1993 by Chris Wood to supply raw materials to the steel
industry. The Company was built on Mr. Wood's direct steel mill and
supplier experience dating back to1980. The Company later expanded
its customer base to include the supply of petcoke to the mining
industry. The name was changed to Minmet Carbons Inc. to recognize
the Company's focus on anthracite, metallurgical coke, ladle
carbons and petcoke. Minmet helps large companies source strategic
raw materials. Minmet utilizes its technical knowledge and global
expertise to quickly qualify the best quality, price competitive
and freight logical sources; once established as a supplier Minmet
takes great care in making sure each shipment meets specifications
and is shipped on time.
About Saint Jean
Saint Jean is a publicly traded junior mining exploration
company with a number of mining claims. The Walker property
consists of 4 claims covering the past mine and 11 claims covering
interesting geological context for more graphite mineralization in
the region around the deposit, which is located 40 km north-east of
Ottawa. The Mount Copeland molybdenum deposit lies within
metamorphic rocks flanking the southern margin of Frenchman Cap
Dome, 32 kilometers northwest of Revelstoke, British Columbia (the
"Mount Copeland Property"). The Fort-Eden copper property is
comprised of 18 mineral tenures that total 2,828.6 hectares in
area. The mineral claims are located 100 km west of Fort St. James,
BC (the "Fort Eden Property"). The Red Bird deposit is comprised of
three zones of molybdenum concentration referred to as the Main,
Southeast and Southwest zones within a property totaling 1,836 ha
(4,400 acres) and is located 133 km southwest of Burns Lake and 105
km north of Bella Coola (the "Red Bird Property"). The Company
plans to divest (the "Divestitures") each of the Mount Copeland
Property, the Fort Eden Property and the Red Bird Property through
a sale or joint venture, thus allowing it to focus on building a
graphite mining company. Additionally, Saint Jean expects to
acquire the new lump graphite properties in Quebec (the "Clot,
Wallingford and St. Jovite Acquisitions"), and the previously
announced new lump graphite properties in Sri Lanka from Han Tal
Graphite (Pvt) Ltd. (the "Han Acquisition" and together with the
Minmet Acquisition and the Clot, Wallingford and St. Jovite and
Acquisitions, the "Acquisitions") in furtherance of its new
focus.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
FORWARD LOOKING STATEMENTS: This news release
contains forward-looking statements, within the meaning of
applicable securities legislation, concerning Saint Jean's business
and affairs. In certain cases, forward-looking statements can be
identified by the use of words such as "plans", "expects" or "does
not expect", "intends" "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved". Such forward-looking statements include those with
respect the Company's ability to complete Acquisitions and
Divestitures and become a graphite producing company.
These forward-looking statements are based on current
expectations, and are naturally subject to uncertainty and changes
in circumstances that may cause actual results to differ
materially. The forward-looking statements in this news release
assume, inter alia, that the conditions for completion of the
Acquisitions and the Divestitures, including regulatory and
shareholder approvals, if necessary, will be met.
Although Saint Jean believes that the expectations
represented in such forward-looking statements are reasonable,
there can be no assurance that these expectations will prove to be
correct. There are risks which could affect Saint Jean's ability to
complete the Acquisitions and Divestitures, and the future results
of the Company which could cause actual results to differ
materially from those expressed in these forward-looking statements
including negotiation failure or delay, the impact of general
global economic conditions and the risk that they will deteriorate,
industry conditions, including fluctuations in the price of
supplies and the risk that they will increase, that required
consents and approvals from regulatory authorities will not be
obtained, that activity in the lump or vein graphite business will
not be at the level or of the nature anticipated, liabilities and
risks inherent in Saint Jean's operations, technical problems,
equipment failure and construction delay.
Statements of past performance should not be construed as an
indication of future performance. Forward-looking statements
involve significant risks and uncertainties, should not be read as
guarantees of future performance or results, and will not
necessarily be accurate indications of whether or not such results
will be achieved. A number of factors, including those discussed
above, could cause actual results to differ materially from the
results discussed in the forward-looking statements. Any such
forward-looking statements are expressly qualified in their
entirety by this cautionary statement.
All of the forward-looking statements made in this press
release are qualified by these cautionary statements. Readers are
cautioned not to place undue reliance on such forward-looking
statements. Forward-looking information is provided as of the date
of this press release, and Saint Jean assumes no obligation to
update or revise them to reflect new events or circumstances,
except as may be required under applicable securities
laws.
Saint Jean Carbon Inc.Laurie McCarneyDirector of Corporate
Communications(905) 844-1200 ext:
305lmccarney@saintjeancarbon.com
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