- Star Navigation Systems Group (SNA) has closed its non-brokered private placement for gross proceeds of $2,045,000
- The net proceeds of the private placement will be used to further develop the operations, sales and marketing efforts supporting the Star-A.D.S.® system
- The company has also successfully converted $2,803,470 of outstanding debt into 112,138,800 units
- Star Navigation Systems’ in-flight Safety Monitoring System, STAR-ISMS® enhances aviation safety and improves fleet management while reducing costs for the operator
- Star Navigation Systems Group Ltd. (SNA) opened trading at C$0.035 per share
Star Navigation Systems Group (SNA) has closed its previously announced non-brokered private placement for gross proceeds of $2,045,000.
The company issued 68,166,667 units at a price of $0.03 per unit Each unit consists of one common share and one warrant. Each warrant entitles the holder to purchase one additional common share of the company at a price of $0.05 cents for up to five years from the date of issue.
All securities issued are subject to a four-month statutory hold period.
The net proceeds of the private placement will be used to further develop the operations, sales and marketing efforts supporting the Star-A.D.S.® system.
The company has also successfully converted $2,803,470 of outstanding debt into 112,138,800 units.
Amir Bhatti, CEO of Star Navigation commented on the successful financing initiatives.
“The company is now in a position to fulfil its mandate to secure sales and increase its brand awareness through a fulsome marketing effort of the Star-A.D.S.® system.”
Star Navigation Systems Group Ltd. has developed its proprietary, In-flight Safety Monitoring System, STAR-ISMS®. The system’s capability for tracking real-time trends and predicting incident occurrences enhances aviation safety and improves fleet management while reducing costs for the operator.
Star’s M.M.I. Division designs and manufactures flight deck flat panel displays for defence and commercial aviation industries worldwide.
Star Navigation Systems Group Ltd. (SNA) opened trading at C$0.035 per share.