Business
Heliostar Metals Increases Private Placement up to a Maximum of $4 Million
Vancouver, British Columbia--(Newsfile Corp. - October 6, 2021) - Heliostar Metals Limited (TS...
About this update from Heliostar Metals Ltd
[{"type":"text","content":"Heliostar Metals Increases Private Placement up to a Maximum of $4 MillionVancouver, British Columbia--(Newsfile Corp. - October 6, 2021) - Heliostar Metals Limited (TSXV: HSTR) (OTCQX: HSTXF) (FRA: RGG1) (\"Heliostar\" or the \"Company\") is pleased to announce that is increasing its previously announced non-brokered private placement (see News Release #24, dated October 4, 2021) from 2,857,143 units to 5,714,285 units at a price of $0.70 per share for gross proceeds of up to $4,000,000 (the \"Offering\").Each Unit will consist of one common share in the Company (each a \"Common Share\") and one half of one common share purchase warrant (each whole warrant a \"Warrant\"). Each Warrant shall be exercisable for one Common Share at an exercise price of $1.20 for a period of 24 months following the closing date. Heliostar may pay finders' fees in connection with the Offering, and all securities issued in the Offering will be subject to a statutory Canadian hold period expiring four months and one day after closing and, where applicable, additional resale restrictions imposed by other selling jurisdictions. Completion of the Offering is subject to a number of conditions, including receipt of regulatory approvals, if required, and the approval of the TSX Venture Exchange.The company intends to use the net proceeds to advance exploration of its projects in Mexico and Alaska, as well as for working capital and general corporate purposes. The company intends to initially focus on undertaking a maiden drill program at its new Verde discovery at the Cumaro project in Mexico. None of the securities to be issued in the Offering will be or have been registered under the United States Securities Act of 1933, as amended (the \"1933 Act\"), and none may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the Shares offered in the Offering in any state where such offer, solicitation or sale would be unlawful.About Heliostar Metals Ltd.Heliostar is a well-financed junior exploration and development company with a portfolio of high-grade gold projects in Alaska and Mexico. The company's flagship asset is the 100% controlled Unga Gold Proj...