Located in southern Québec, 10km north-west of Mont-Tremblant and approximately 150km north-west of Montreal, the Clot property comprises five established claims and three claims under request for a total area of more than 297.4ha.
Under the terms of the agreement, Saint Jean Carbon will issue 3,500,000 shares as partial consideration for the Clot property at a deemed value of $0.05 per share.
Additionally, Saint Jean Carbon will provide a $5,000 payment on the signing of the term sheet for the Clot Property and a further $2,500 payment on the closing date of the transaction.
Saint Jean Carbon CEO Paul Ogilvie said that the company is looking forward to develop properties into operating mines.
"The Clot property is on crown land and falls within the same geological and regional areas as our Walker, Wallingford and St. Jovite lump graphite properties and we are very pleased to have the opportunity to add these new claims to our inventory of holdings which will complete our lump acquisitions," Ogilvie added.
