News Release
Saint Jean Carbon Inc. settles with the ASC for misleading disclosure
Dec 08, 2020
CALGARY - The Alberta Securities Commission (ASC) has concluded a Settlement Agreement with Saint Jean Carbon Inc., in connection with two news releases issued by the company in February and March 2017. The shares of Saint Jean Carbon Inc. are listed for trading under the symbol “SJL” on the TSX Venture Exchange.
In the Settlement Agreement, Saint Jean Carbon Inc. admitted to misrepresentations in breach of Alberta securities laws by making misleading, untrue or incomplete statements in the two news releases. The company acknowledged that these misrepresentations would reasonably be expected to have a significant effect on the market price or value of its securities.
The news releases announced that Saint Jean Carbon Inc. had received its first order from Panasonic Corporation, as part of an offtake agreement, to supply graphite anode material to its manufacturing facility. In reality, the material supplied was a minimal sample order with nominal value, no offtake agreement had been executed by the parties and no commitment existed for Panasonic to take any amount of graphite at any time.
As part of the Settlement Agreement, Saint Jean Carbon Inc. paid the ASC $62,500 and has undertaken that during the next four years all news releases will be authorized by at least two directors and officers of the company.
Saint Jean Carbon Inc. was a respondent in a Notice of Hearing issued by the ASC on June 19, 2020. The hearing into the allegation against the remaining respondent is scheduled to commence on December 14, 2020. For more information on the hearing, visit the Status of Current Proceedings page. A copy of the Settlement Agreement is also available on the ASC website at albertasecurities.com.
The ASC gratefully acknowledges the assistance of the British Columbia Securities Commission, the Ontario Securities Commission and the Autorité des marchés financiers in this matter.
The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.
- 30 -
For further information please contact:
For Media Inquiries:
For Investor Inquiries:
Theresa Schroder
Senior Advisor, Communications
media@asc.ca
ASC Public Inquiries
Toll Free: 1-877-355-4488
inquiries@asc.ca