Saint Jean Carbon Inc. (TSXV:SJL) announced the close of a non-brokered private placement of Flow-Through Units. This first closing was for gross proceeds of $400,000, consisting of 8,000,000 Flow-Through Units at a price of $0.05 per Flow-Through Unit.
As quoted in the press release:
Each Flow-Through Unit was comprised of one (1) Flow-Through Common Share at a price of $0.05 per share and one-half (0.5) of a Warrant. Each whole Warrant is exercisable into one Common Share of the Company at a price of $0.10 for a period of eighteen (18) months from the closing of the Unit Offering. The Company anticipates closing the balance of the Offering on or before March 17, 2014.