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by Mike Caswell

The Alberta Securities Commission has found against Paul Anthony Ogilvie, the former chief executive officer of Saint Jean Carbon Inc., over a supposed agreement the company had with Japanese manufacturing giant Panasonic Corp. in 2017. Two news releases that the company issued about the deal were untrue, the ASC has determined. The stock more than tripled on the news, reaching 29.5 cents.

The finding, which is contained in a decision that the ASC released on Friday, Aug. 5, follows a hearing that lasted for 3-1/2 days before a three-member panel. The matter was a well-attended one, with Mr. Ogilvie sending two lawyers and ASC enforcement staff sending two as well. The decision does not contain any penalties for Mr. Ogilvie, as the ASC will convene a separate hearing for that purpose.

The case arose from a supposed deal with Panasonic that Saint Jean publicized in a Feb. 28, 2017, news release. The company claimed to have received an order from Panasonic, with that order being part of an "offtake agreement to supply multiple tonnes of anode material monthly for a number of years." Mr. Ogilvie cheered the deal at length, calling it the company's "greatest accomplishment; to be recognized and awarded with an order to supply one of the world's best technology companies." Saint Jean said that it would make the first shipment within 90 days.

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