- Star Navigation Systems Group Ltd. (SNA) has closed the final tranche of its previously announced $2.12 million non-brokered private placement
- The transaction was made up of roughly 101.3 million Star Navigation units at a purchase price of $0.021 per unit
- The net proceeds of the private placement will be used for working capital for further development of the operations, and efforts for the Star-A.D.S. system
- The company agreed to pay finder’s fees worth 10 per cent of the gross proceeds
- Star Navigation Systems Group Ltd. (SNA) is down 22.22 per cent and is trading at $0.03 per share as of 4:02 p.m. ET
Star Navigation Systems Group Ltd. (SNA) has closed the final tranche of its previously announced $2.12 million non-brokered private placement.
The transaction was made up of roughly 101.3 million Star Navigation units at a purchase price of $0.021 per unit. Each unit includes one of the company’s common shares and one of its warrants. Each warrant allows the holder to purchase an extra common share for $0.05 per warrant exercised. The warrants can be used for one year after closing.
The net proceeds from the financing will be used for further development of the company’s operations, sales and marketing efforts for the Star-A.D.S. system. Additionally, the company has agreed to pay finder’s fees for a cash payment worth 10 per cent of the gross proceeds.
Star Navigation is a company that manufactures an in-flight safety monitoring system known as STAR-ISMS, the heart of the STAR-A.D.S. system. The STAR-A.D.S. system has real-time tracking and performance trends and can predict incidents which enhances aviation safety and improves fleet management while reducing costs for the operator.
Star Navigation’s MMI Division designs and manufactures high-performance, mission-critical flight deck flat panel displays for defence and commercial aviation industries worldwide.
Star Navigation Systems Group Ltd. (SNA) is down 22.22 per cent and is trading at $0.03 per share as of 4:02 p.m. ET.