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Heliostar Announces Upsize to Previously Announced Private Placement to C$20.4M (US$15M)
Vancouver, British Columbia--(Newsfile Corp. - March 3, 2023) - Heliostar Metals Limited (TSXV: H...
About this update from Heliostar Metals Ltd
[{"type":"text","content":"Heliostar Announces Upsize to Previously Announced Private Placement to C$20.4M (US$15M)Vancouver, British Columbia--(Newsfile Corp. - March 3, 2023) - Heliostar Metals Limited (TSXV: HSTR) (OTCQX: HSTXF) (FSE: RGG1) (\"Heliostar\" or the \"Company\") is pleased to announce that, in connection with the non-brokered private placement announced on January 17th, the Company has increased the size of the previously announced offering to 92,750,000 units (each, a \"Unit\") of the Company at a price of C$0.22 per Unit for gross aggregate proceeds of up to approximately C$20,400,000 (US$15,000,000) (the \"Offering\").Each Unit will consist of one common share in the capital of the Company (each, a \"Common Share\") and one-half of one non-transferable Common Share purchase warrant (each whole warrant, a \"Warrant\"). Each Warrant shall entitle the holder thereof to purchase one additional Common Share (each, a \"Warrant Share\") at an exercise price of C$0.30 per Warrant Share for a period of thirty-six (36) months following the date of issuance (the \"Date of Issue\").The updated Offering is scheduled to close on or about the 9th of March and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSXV.The Company intends to use the net proceeds from the Offering to acquire and advance the Ana Paula development stage, gold project (the \"Ana Paula Project\") as well as for working capital and general corporate purposes. See below for more information on the proposed Ana Paula Project acquisition.Financing DetailsFinder fees may be paid to eligible finders consisting as cash fees and non-transferable broker warrants (each, a \"Broker Warrant\") in an amount up to 6% of the gross process raised by such finder. Each Broker Warrant, if issued, shall entitle the holder thereof to purchase one additional Common Share (each, a \"Broker Warrant Share\") at an exercise price of C$0.30 per Broker Warrant Share for a period of twenty-four (24) months following the Date of Issue.All securities issued in connection with the Offering shall be subject to a statutory hold period expiring four months and one day after the Date of Issue, as set out in National Instrument 45‐102 - Resale of Securities.This press release shall not constitute an offer to sell or the solici...