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Heliostar Announces Closing of $4 Million Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - November 9, 2021) - Heliostar Metals Limited ...
About this update from Heliostar Metals Ltd
[{"type":"text","content":"Heliostar Announces Closing of $4 Million Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - November 9, 2021) - Heliostar Metals Limited (TSXV: HSTR) (OTCQX: HSTXF) (FSE: RGG1) (\"Heliostar\" or the \"Company\") is pleased to announce that, further to its news releases dated October 4, 2021, October 6, 2021, and October 19, 2021, it has closed the second and final tranche of its non-brokered private placement offering (the \"Offering\"). 3,876,607 units (each a \"Unit\") of the Company were issued in the second tranche at a price of $0.70 per Unit (the \"Offering Price\") for gross proceeds of $2,713,624.90. Combined with the first tranche, the Company issued a total of 5,734,072 Units for aggregate gross proceeds of $4,013,850.40.Heliostar CEO Charles Funk commented: \"Closing the offering for four million dollars puts Heliostar in a strong financial position. The funds raised will go directly to the company's field programs in Mexico and Alaska. In Mexico the company is preparing for a maiden 2,500 to 3,000 metre drill program at Cumaro. This drill program will follow up on surface results highlighted by 5 metres at 10.3 gram per tonne (g/t) gold and 168 g/t silver at the Verde discovery. The new discoveries we have made at both Unga in Alaska and Cumaro in Mexico have set the company up for a catalyst rich end to this year and an aggressive 2022.\"About the Private PlacementEach Unit consists of one common share in the capital of the Company (each a \"Share\") and one half of one non-transferable common share purchase warrant (each whole warrant a \"Warrant\"). Each Warrant is exercisable for one additional Share (a \"Warrant Share\") at an exercise price of $1.20 for a period of 24 months following the Closing Date. In the second tranche of the Offering, the Company paid finders fees to four qualified finders, consisting of an aggregate amount of $139,387,54 in cash and 199,129 non-transferable broker warrants (\"Broker Warrants\"). Each Broker Warrant is exercisable into one Share (each a \"Broker Warrant Share\") at an exercise price of $1.20 for a period of 24 months following the Closing Date.The Shares, any Warrant Shares issuable upon exercise of any of the Warrants and any Broker Warrant Shares issuable upon exercise of any of the Broker Warrants are subject to a four month and one-day restr...