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South Star Battery Metals Announces Repricing of Non-Brokered Private Placement
VANCOUVER, British Columbia, June 17, 2022 (GLOBE NEWSWIRE) -- South Star Battery Metals Corp. (“South Star” or the “Company”) (TSXV: STS) (OTCQB: STSBF), is an
About this update from South Star Battery Metals Corp
[{"type":"text","content":" VANCOUVER, British Columbia, June 17, 2022 (GLOBE NEWSWIRE) -- South Star Battery Metals Corp. (“South Star” or the “Company”) (TSXV: STS) (OTCQB: STSBF), is announcing that it is repricing the previously announced (May 19, 2022) non-brokered private placement of units (the “Private Placement” or the “Offering”) to raise approximately C$2,000,000 in order to better reflect the current market conditions for common shares of the Company. On a pre-consolidation basis, the Offering will be repriced from C$0.15 per unit (the “Units”) to C$0.11 per unit and consist of approximately 18,181,818 Units. Each Unit will consist of one (1) common share and one (1) common share purchase warrant (the “Warrants”). Each Warrant will entitle the holder to purchase one additional common share of the Company at an exercise price of C$0.25 per common share for a period of five years from the date of issue. All other terms and conditions of the Offering remain unchanged. The closing of the Offering is subject to customary conditions, including the receipt of all necessary approvals, including the approval of the TSX Venture Exchange (the “TSXV”). The Company may pay finders' fees under the offering in accordance with applicable securities laws and the policies of the TSX Venture Exchange. The securities will be subject to a four-month hold period from the date of closing. The Private Placement is subject to a 25% over-allotment option and to an acceleration clause. See below for further details. Common Shares issued pursuant to the Private Placement will be issued on a post-Consolidation basis. The Warrants issued in the Consolidation will be issued on a post-Consolidation basis, and upon the completion of the Consolidation will automatically be adjusted to the post-Consolidation terms disclosed above (five pre-Consolidation Warrants will entitle the holder to acquire one post-Consolidation Warrant at a price of $1.25). Acceleration Clause If during a period of ten 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 C$0.50 on a pre-Consolidation basis for each of those ten consec...