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South Star Battery Metals Announces Closing of $2.3 Million of the Non-Brokered Private Placement and Phase 1 Construction Updates
South Star Battery Metals Announces Closing of $2.3 Million of the Non-Brokered Private P...
About this update from South Star Battery Metals Corp
[{"type":"text","content":"\n \n \n \n South Star Battery Metals Announces Closing of $2.3 Million of the Non-Brokered Private Placement and Phase 1 Construction Updates\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Nov. 16, 2022\n \n \n /CNW/ - South Star Battery Metals Corp. (\"South Star\" or the \"Company\") (TSXV: STS) (OTCQB: STSBF), is pleased to announce that it has completed the second tranche of its previously announced non-brokered private placement of units (the \"Private Placement\" or the \"Offering\") for total proceeds of\n \n C$2,326,700\n \n . The entire second tranche of the Offering was with global institutional investors who are very familiar with the battery metals and mining sectors. Net proceeds from the Private Placement will be used for exploration, development, construction activities, corporate G&A and general working capital requirements. Phase 1 commercial production is planned for Q4 2023.\n \n \n \n \n \n \n \n \n \n With the closing of the second tranche of the financing, the Company should meet all the condition precedents to the Phase 1 closing under the Sprott Private Resource Streaming and Royalty Corp. (\"Sprott\") streaming agreement (\"Agreement\") (see\n \n April 5, 2022\n \n ,\n \n April 18, 2022\n \n and\n \n October 5, 2022\n \n press releases). The Company anticipates the Phase 1 closing under the Sprott Agreement in November 2022.  With the release of the Phase 1 funds of\n \n US$10,000,000\n \n for CAPEX due on closing under the Sprott Agreement, the Company will be fully funded for construction of the Phase 1 plant and mine at the Santa Cruz Graphite mine in Bahia,\n \n Brazil\n \n .\n \n \n \n Richard Pearce\n \n , CEO of South Star, said, \"We have successfully partnered with strong, long-term institutional investors familiar with\n \n Brazil\n \n , mineral resources and battery metals sector. We should close the Sprott Agreement in short order and will be fully funded for Phase 1 CAPEX. The owner's team is in place for construction, and we have started ...