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South Star Mining Closes $4.19 Million in Brokered Financing and Announces a $1,000,000 Non-brokered Financing
(via TheNewswire) Vancouver, B.C. / TheNewswire / May 16, 2018 - South Star Mining Cor...
About this update from South Star Battery Metals Corp
[{"type":"text","content":"South Star Mining Closes $4.19 Million in Brokered Financing and Announces a $1,000,000 Non-brokered Financing(via TheNewswire)\n \n \nVancouver, B.C. / TheNewswire / May 16, 2018 - South Star Mining Corp. (\"South Star\" or the \"Company\") (TSXV: STS.H) is pleased to announce that, further to its announcement of a brokered private placement (the \"Brokered Placement\") on February 28th, 2018, the Company has closed a total of C$4,190,000 in which Company insiders invested a total of C$635,000. \n\n\n \nSouth Star entered into an agreement with a syndicate of agents led by Echelon Wealth Partners Inc. (the \"Lead Agent\"), which included Haywood Securities Inc., PI Financial Corp. and Eight Capital Inc. (collectively referred to as, the \"Agents\") to sell subscription receipts (the \"Subscription Receipts\") at a price of C$0.45 per Subscription Receipt. A total of 9,312,442 Subscription Receipts were placed in the Brokered Placement.\n\n\n \nEach Subscription Receipt shall be automatically converted, without any further action by the holder of such Subscription Receipt, and for no additional consideration, into one unit of the Company (each a \"Unit\" and collectively the \"Units\") upon receipt by the escrow agent, prior to the date that is three months from the closing date of a release notice from the Company and the Lead Agent, on behalf of the Agents, confirming (collectively, the \"Escrow Release Conditions\"): (a) the completion, satisfaction or waiver of all conditions precedent to the acquisition of the Santa Cruz Graphite Project (the \"Transaction\") in accordance with the definitive agreement respecting the Transaction, to the satisfaction of the Agents; (b) the receipt of all required shareholder and regulatory approvals, including, without limitation, the conditional approval of the TSX Venture Exchange for the Brokered Placement and the Transaction; (c) receipt by the Agents of an opinion of counsel of the Company that upon the conversion of the Subscription Receipts and completion of the Transaction, the Common Shares issued as part of the Units, will not be subject to any statutory or other hold period in Canada which extends beyond 4 months and one day after the closing date; (d) the representations and warranties of the Company contained in the agency agreement entered into in connection with the Brokered P...