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CryptoStar Corp. Announces Closing of Non-Brokered Private Placement of Units and Amendment of Agreement with Tandem Innovation Group
CryptoStar Corp. Announces Closing of Non-Brokered Private Placement of Units and Amendme...
About this update from Cryptostar Corp.
[{"type":"text","content":"CryptoStar-Offering\n \n \n \n CryptoStar Corp. Announces Closing of Non-Brokered Private Placement of Units and Amendment of Agreement with Tandem Innovation Group\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 \n \n \n \n \n \n Canada NewsWire\n \n \n TORONTO, Oct. 7, 2020\n \n \n \n \n TSXV: CSTR\n \n \n \n TORONTO\n \n ,\n \n Oct. 7, 2020\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, today announced that it has closed the private placement announced on\n \n September 10, 2020\n \n , consisting of the issuance of 5,000,000 units (\"\n \n Units\n \n \") of the Company at a price of\n \n $0.05\n \n per Unit by way of a non-brokered private placement (the \"\n \n Offering\n \n \").\n \n \n Each Unit consists of one common share of CryptoStar (a \"\n \n Common Share\n \n \") and one common share purchase warrant of CryptoStar (a \"\n \n Warrant\n \n \"). Each Warrant entitles the holder to acquire one Common Share at a price of CAD\n \n $0.075\n \n per Common Share for a period of 18 months from the date of issue.\n \n \n The securities issued in connection with the Offering will be subject to a four-month hold period, in accordance with applicable securities laws.\n \n \n A.C.N. 117 402 838 PTY LTD (\"\n \n ACN\n \n \"), an insider of the Company, participated in the Offering, thereby making the Offering a \"related party transaction\" as defined under Multilateral Instrument 61–101  ̶\n \n Protection of Minority Security Holders in Special Transactions\n \n (\"\n \n MI\n \n \n 61-101\n \n \"). ACN purchased 1,061,735 Units, and after the completion of the Private Placement will own 102,624,235 common shares or approximately 46.9% of the total common shares issued and outstanding. The Offering is exempt from the need to obtain minority shareholder and a formal valuation as required by MI 61-101 as neither the fair market value of any units to insiders nor the consideration paid by insiders of the Company exceeds 25% of the Company's market capita...