|By Marketwired .||
|May 26, 2014 06:17 PM EDT||
OAKVILLE, ONTARIO -- (Marketwired) -- 05/26/14 -- Saint Jean Carbon Inc. ("Saint Jean" or the "Company") (TSX VENTURE: SJL) announces that the Company and Pala have mutually agreed not to proceed with the non-brokered $14,000,000 convertible debenture private placement ("Convertible Debenture Financing") and a $600,000 bridge loan ("Bridge Loan Financing") with Pala Investments Limited ("Pala") as previously announced when the Company signed a letter agreement ("Letter Agreement") in the press release dated May 1, 2014. Saint Jean shall formally withdraw its application to the TSX Venture Exchange concerning the Convertible Debenture Financing and the Bridge Loan.
About Saint Jean
Saint Jean is a publicly traded junior mining exploration company with a number of graphite mining claims on three 100% owned properties of the Company located in the province of Quebec in Canada. The three properties include the Walker property, a past producing mine, the Wallingford property and the St. Jovite property. The Company is led by a management team with in-depth experience in the graphite sector. For information on Saint Jean's other 4 properties and the latest news please go to the website www.saintjeancarbon.com.
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.