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South Star Battery Metals Announces Financing Update and Closing of $2.3 Million in the First Tranche of the Non-Brokered Private Placement
South Star Battery Metals Announces Financing Update and Closing of $2.3 Million in the F...
About this update from South Star Battery Metals Corp
[{"type":"text","content":"\n \n \n \n South Star Battery Metals Announces Financing Update and Closing of $2.3 Million in the First Tranche of the Non-Brokered Private Placement\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. 3, 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 first tranche of its previously announced non-brokered private placement of units (the \"Private Placement\" or the \"Offering\") for total proceeds of\n \n C$2,308,863\n \n . The majority of participation in the first 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.\n \n \n \n \n \n \n \n \n \n The funds for closing the second tranche of the financing, which the Company anticipates will exceed the amount required to meet the condition precedent 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) have been committed and received by the Company and are being held in escrow, pending TSX Venture Exchange review of a personal information form (\"PIF\"). The Company anticipates closing both the second tranche of the financing and 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 are pleased to be delivering this news to our shareholders, clients, and stakehol...