OAKVILLE, ONTARIO--(Marketwired - Nov. 26, 2015) - Saint Jean Carbon Inc. ("Saint Jean" or the "Company") (TSX VENTURE:SJL), a carbon sciences company engaged in the development of natural graphite properties and related carbon products, is pleased to announce they have entered into an nonbinding and non-arm's length agreement to acquire the past producing Glen Almond quartz mine in Quebec. Saint Jean feels it is strategic and falls in line with their graphite lithium-ion battery engineering work as a possible secondary material as silica may have increased demands with the new (silica based) air batteries.
Air batteries were originally proposed in the 1970s as a possible power source for battery electric vehicles. Li-air (lithium-air) batteries recaptured scientific interest in the late 2000s due to advances in materials technology and an increasing demand for renewable energy sources. The major appeal of the Li-air battery is the extremely high specific energy; a measure of the amount of energy a battery can store for a given weight. A lithium-air battery has an energy density (per kilogram) comparable to gasoline. Li-air batteries gain this advantage in specific energy since they use oxygen from the air instead of storing an oxidizer internally.
Paul Ogilvie, CEO, commented: "We feel the acquisition gives us an opportunity to start working on air battery materials, studying the qualities that could be needed, test production theories and generally get a better understanding of the performance requirements of the material. This will help us significantly as the technology grows out in the coming years".
A major driver in lithium-air battery development is the automotive sector. The energy density of gasoline is approximately 13 kW·h/kg, which corresponds to 1.7 kW·h/kg of energy provided to the wheels after losses. The theoretical energy density of the lithium-air battery is 12 kW·h/kg (43.2 MJ/kg) excluding the oxygen mass. It has been theorized that the same 1.7 kW·h/kg could reach the wheels using Li-air after losses from over-potentials, other cell components and battery pack auxiliaries, given the much higher efficiency of electric motors (Imanishi and Yamamoto, 2014). This means; it may be possible for a Li-air battery to be as cost effective as gasoline, as the cost for electricity to charge the battery would be less.
The proposed transaction is subject to TSX approval, the term sheet states the company will issue 1,500,000 shares at closing and will pay $10,000 in March 2016. Further payments of 100,000 shares will be paid out, if the property meets certain milestones related to quality and tonnage. Dr. Don MacIntyre, the Company's geologist, P. Geo., and Qualified Person, reviewed and approved the technical and scientific information in this release.
About Saint Jean
Saint Jean is a publicly traded carbon sciences company, with interest in graphite mining claims on five 100% 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 St. Jovite property, East Miller and Clot property. For information on Saint Jean's other properties and the latest news please go to the website: www.saintjeancarbon.com
On behalf of the Board of Directors
Saint Jean Carbon Inc.
Paul Ogilvie, CEO and Director
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 to the Company's intention to complete the Offering, use the proceeds of the Offering as working capital to fund the continued development of the Company's business, the Company's intention to complete the Divestitures and the intention to become a graphite procuring 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 Transaction, 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 Transaction, 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.