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CryptoStar Corp. Announces Closing of CAD$25 Million Private Placement with Institutional Investors
CryptoStar Corp. Announces Closing of CAD$25 Million Private Placement with Institutional...
About this update from Cryptostar Corp.
[{"type":"text","content":"\n \n \n \n CryptoStar Corp. Announces Closing of CAD$25 Million Private Placement with Institutional Investors\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES\n \n OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n TSXV: CSTR\n \n \n \n TORONTO\n \n ,\n \n March 15, 2021\n \n /CNW/ - CryptoStar Corp. (TSXV: CSTR) (\"\n \n CryptoStar\n \n \" or the \"\n \n Company\n \n \"), a cryptocurrency mining and data centre operator, is pleased to announce that it has closed its previously announced private placement of its common shares (\"\n \n Common Shares\n \n \") and warrants to purchase common shares (\"\n \n Warrants\n \n \") to institutional investors for gross proceeds of approximately\n \n CAD$25.0 million\n \n (the \"\n \n Private Placement\n \n \"). Pursuant to the Private Placement, the Company issued 83,333,334 Common Shares and Warrants to purchase 83,333,334 Common Shares at a purchase price of\n \n CAD$0.30\n \n per Common Share and associated Warrant. Each Warrant entitles the holder to purchase one Common Share at an exercise price of\n \n CAD$0.40\n \n per Common Share for a period of three and one-half (3.5) years following the closing date of the Private Placement.\n \n \n H.C. Wainwright & Co. acted as the exclusive placement agent for the Private Placement.\n \n \n The net proceeds of the Private Placement are expected to be used by the Company for business operations and expansion of its business, to reduce indebtedness and for general working capital purposes.\n \n \n H.C. Wainwright & Co. received (i) a cash commission equal to 7.0% of the gross proceeds of the Private Placement and (ii) 5,833,333 non-transferable broker warrants (the \"\n \n Broker Warrants\n \n \"). Each Broker Warrant entitles the holder to purchase one common share at an exercise price of\n \n CAD$0.375\n \n for a period of three and one-half (3.5) years following the closing date of the Private Placement.\n \n \n No securities...