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Heliostar Announces Closing of First Tranche of $4 Million Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - October 19, 2021) - Heliostar Metals Limited (T...
About this update from Heliostar Metals Ltd
[{"type":"text","content":"Heliostar Announces Closing of First Tranche of $4 Million Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - October 19, 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 and October 6, 2021, it has closed the first tranche of its non-brokered private placement offering (the \"Offering\") of up to 5,714,285 units (each a \"Unit\") of the Company at a price of $0.70 per Unit (the \"Offering Price\"). In the first tranche, the Company completed the sale of 1,857,465 Units at the Offering Price for gross proceeds of $1,300,225.50.Heliostar CEO, Charles Funk, commented: \"This $4 million Offering has received strong support; it is already over-subscribed and we intend to close on the balance over the next two weeks. The next step for Heliostar is to commence a 2,500 to 3,000 metre drilling on the recent Verde discovery at Cumaro, in Mexico, in November. The potential of the project based on the recently received assay results has caused us to prioritize this drill program for Q4, 2021. Heliostar has one of the most exciting portfolios of high-grade gold and silver projects in the industry and we expect that this financing will set the stage for news flow over the coming months.\"About the Private PlacementEach Unit consists of one common share in the capital of the Company (each a \"Share\") and one half of one 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. An aggregate amount of $40,675.53 in cash and 58,107 broker warrants (\"Broker Warrants\") were paid as finders' fees to three qualified finders in connection with the completion of the first tranche of the Offering. 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 issued upon exercise of any of the Warrants and any Broker Warrant Shares issued upon exercise of any of the Broker Warrants are subject to a four month and one-day restricted resale period expiring February 19, 2022 in accordance with ...