- South Star Battery Metals (STS) has completed a non-brokered private placement of units for total proceeds of C$2,427,700
- The placement consists of 22,069,999 units priced at C$0.11 per unit
- The placement is subject to an acceleration clause
- Net proceeds will be used for advanced materials sample preparation, commercial agreements, project finance and general working capital requirements for the company
- South Star Battery Metals Corp. is a Canadian battery-metals project developer
- South Star Battery Metals Corp (STS) is down 2.86 per cent, trading at C$0.17 per share at 11:45 am ET
South Star Battery Metals (STS) has completed a non-brokered private placement of units for total proceeds of C$2,427,700.
The placement consists of 22,069,999 units priced at C$0.11 per unit. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at an exercise price of C$0.15 per common share for a period of three years from the date of issue.
Net proceeds will be used for advanced materials sample preparation, commercial agreements, project finance and general working capital requirements for the company.
The securities are subject to a four-month hold period from the date of closing and approval by the TSXV.
South Star paid finder’s fees of 294,000 in brokers’ warrants and $33,660 in cash.
If during a period of ten consecutive trading days following the closing of the private placement and the expiry of the warrants the daily volume-weighted average trading price of the common shares on the TSXV exceeds $0.50, the company may give written notice to the warrant holders that the warrants will expire at 4:00 p.m. PST on the 30th day following the notification. Upon receipt of an acceleration notice, warrant holders will have 30 days to exercise their warrants.
South Star Battery Metals is a Canadian battery-metals project developer focused on the selective acquisition and development of near-term production projects in the Americas.
South Star Battery Metals Corp (STS) is down 2.86 per cent, trading at C$0.17 per share at 11:45 am ET.