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Heliostar Announces US$12,500,000 Non-Brokered Private Placement
Vancouver, British Columbia--(Newsfile Corp. - January 17, 2023) - Heliostar Metals Limited (TSXV...
About this update from Heliostar Metals Ltd
[{"type":"text","content":"Heliostar Announces US$12,500,000 Non-Brokered Private PlacementVancouver, British Columbia--(Newsfile Corp. - January 17, 2023) - Heliostar Metals Limited (TSXV: HSTR) (OTCQX: HSTXF) (FSE: RGG1) (\"Heliostar\" or the \"Company\") is pleased to announce a non-brokered private placement of up to 74,000,000 units (the \"Units\") of the Company at a price of C$0.22 per Unit for gross aggregate proceeds of up to approximately C$16,280,000 (US$12,500,000) (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 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.Acquisition Summary:Heliostar has entered into definitive agreements with Argonaut Gold Inc. to acquire the Ana Paula Gold Project and option the San Antonio gold project in Mexico (collectively, the \"Transaction\").Ana Paula is permitted for an open pit mine with measured and indicated (M&I) mineral resources of 1.46 Moz gold at 2.17 g/t gold and 3.27 Moz silver at 4.8 g/t silver.1San Antonio is a high grade oxide resource containing M&I mineral resources of 1.73 Moz of gold grading 0.83 g/t gold.2The purchase price for Ana Paula is US$10.0M cash. Subsequent milestone payments, are comprised of US$10.0M of cash payments and US$10.0M of cash or share payments.Ana Paula Project1Proven and probable mineral reserves of 1,021,000 ounces of gold at 2.36 g/t gold and 2,254,000 ounces of silver at 5.22 g/t silver.High grade gold project with potential to be an open pit or underground mine.Permitted for an open pit mine.Estimated US$75,000,000 of historic exploration and development expenses.Existing mine infrastructure including a 412 metre long decline in place.142,000 metres of drilling in 333 holes.San Antonio Project2Measured and indicated mineral resources of 1,735,000 ounces of gold at 0...