Business
South Star Battery Metals Announces Closing of an Oversubscribed Non-Brokered Private Placement
VANCOUVER, BC / ACCESSWIRE / July 14, 2023 / South Star Battery Metals Corp. ("South Star" or th...
About this update from South Star Battery Metals Corp
[{"type":"text","content":"South Star Battery Metals Announces Closing of an Oversubscribed Non-Brokered Private PlacementVANCOUVER, BC / ACCESSWIRE / July 14, 2023 / South Star Battery Metals Corp. (\"South Star\" or the \"Company\") (TSXV:STS)(OTCQB:STSBD), is pleased to announce that, subject to receipt of certain TSX Venture Exchange approvals relating to one subscriber (discussed below), it has completed an oversubscribed non-brokered private placement (the \"Private Placement\") of units for total proceeds of C$4,522,948.45. Proceeds from the Private Placement will be used for exploration, development, construction activities, corporate G&A and general working capital requirements.Richard Pearce, CEO of South Star, said, \"We once again successfully partnered with a strong, long-term institutional investor familiar with Brazil, mineral resources and the battery metals sector. We are pushing hard to accelerate drilling, test work and studies for our phased 5- to 7-year strategic vision of Santa Cruz and BamaStar mines producing a combined 100,000 tonnes per year of high-quality graphite concentrates, and a vertically integrated value-add plant in the southeast corridor of the U.S. We look forward to working closely with our partners and are excited about the strong demand for the offering as we focus on delivering fundamental value in the graphite sector with the first new production in the Americas since 1996.\"Private PlacementThe Private Placement consists of 8,533,865 units priced at C$0.53 per unit (the \"Units\"). Each Unit consists of one (1) common share of the Company and one (1) common share purchase warrant (\"Warrant\"). Each Warrant entitles the holder to purchase one (1) additional common share of the Company at an exercise price of C$1.25 per share for a period of five years from the date of issue. The Warrants are subject to an acceleration clause (described in more detail below). The securities issued pursuant to the Private Placement will be subject to a four-month hold period.Closing of the Private Placement is subject to customary closing conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange (the \"TSXV\"). In connection with the Private Placement, the Company paid $27,825 in cash finder's fees.An aggregate of $3,908,158.52 of the private placement...