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South Star Battery Metals Announces Closing of Final Subscription from its Previously Announced Oversubscribed Non-Brokered Private Placement
VANCOUVER, BC / ACCESSWIRE / August 11, 2023 / South Star Battery Metals Corp . ("South Sta...
About this update from South Star Battery Metals Corp
[{"type":"text","content":"South Star Battery Metals Announces Closing of Final Subscription from its Previously Announced Oversubscribed Non-Brokered Private PlacementVANCOUVER, BC / ACCESSWIRE / August 11, 2023 / South Star Battery Metals Corp. (\"South Star\" or the \"Company\") (TSXV:STS)(OTCQB:STSBF), is pleased to announce that further to its news release dated July 14, 2023, it has received final clearance relating to one subscriber who will become an insider of the Company upon closing of the private placement (the \"Private Placement\") through ownership of in excess of 10 percent of the Company's issued and outstanding common shares. Following confirmation that the subscriber's personal information form has been reviewed and cleared by the TSX-V, the Company issued an aggregate of 7,373,884 units (\"Units\") to the subscriber and the subscriber's funds in the aggregate amount of $3,908,158.52 are now available to the Company. Proceeds from the Private Placement will be used for exploration, development, construction activities, corporate G&A and general working capital requirements.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 $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 to the subscriber pursuant to the Private Placement will be subject to a four-month hold period ending December 12, 2023.Acceleration ClauseThe acceleration clause of the Warrants will provide that, if, during any period of ten (10) consecutive trading days between the date that is four (4) months following the closing of the Private Placement and the expiry of the Warrants, the daily volume weighted average trading price of the common shares of the Company on the TSXV (or such other stock exchange where the majority of the trading volume occurs) exceeds $2.50 on each day, the Company may, within thirty (30) days of such an occurrence, give written notice to the holders of the Warrants that all unexercised Warrants will expire at 4:00 p.m. (Vancouver time) on the 30th day following the giving of such notice. Upon receipt of such notice, the holders of the Warrants wi...