Saint Jean receives approval to acquire battery company

Saint Jean Carbon Inc. [SJL-TSXV; TORVF-OTC; WNF-FSE] has received conditional approval from the TSX Venture Exchange for the purchase from two arm’s-length vendors of all of the issued and outstanding shares of Solid Ultrabattery Inc. (SUB), a private Ontario company involved in the research and development of solid state batteries.

Saint Jean intends to finance the purchase of all of the issued and outstanding shares of SUB by issuing 22 million common shares in the capital of the company at a price of six cents per common share for a deemed aggregate purchase price of $1.32-million.

The company has provided the supporting documentation required by the TSX-V with respect to the acquisition. Final approval of the acquisition remains subject to the TSX-V’s review of the documentation. The company will provide a further update on the acquisition once the TSX-V has completed its review of the documentation.

Dr. Zhongwei Chen, Canada research chair at the University of Waterloo, has spent the past five years developing a solid state battery which requires no anode. He has made coin-cell batteries and is now producing prototype batteries in preparation to installing a battery line later this year. The goal is to produce a battery which can be sold commercially.

Saint Jean has specific interests in energy storage and green energy creation and green mining methods, with holdings in mining claims in the province of British Columbia in Canada.