Business
South Star Mining Closes First Tranche of its Financing to Advance the Santa Cruz Graphite Project
(via TheNewswire) March 1 st , 2019 / TheNewswire / Vancouver, B.C. - South ...
About this update from South Star Battery Metals Corp
[{"type":"text","content":"South Star Mining Closes First Tranche of its Financing to Advance the Santa Cruz Graphite Project(via TheNewswire)\n \n \n\n\n\n \nMarch 1st, 2019 / TheNewswire / Vancouver, B.C. - South Star Mining Corp. (\"South Star\" or the \"Company\") (TSXV: STS) (OTCQB: STSBF) announces that it has completed the first tranche of an insider-led, non-brokered private placement of Units (the \"Private Placement\") to raise C$500,000. \n\n\n \nThe first tranche proceeds were C$405,000 for a total of 4,050,000 units of the Private Placement. South Star insiders have subscribed for C$235,000 in this financing. Proceeds will be used to advance the Santa Cruz Graphite Project on its 'Road to Production'. Uses will include engineering, testing, environmental permitting and licensing. The closing date of this first tranche was February 28th, 2019. In connection with the first tranche closing of the Offering, the Company paid cash finder's fees of C$4,900 and issued 49,000 share purchase warrants (\"Finder's Warrants\") to a third-party finder in connection with the private placement. Each Finder's Warrant entitles the holder to purchase one common share of the Company at a purchase price of C$0.15 for a period of up to 2 years from the date of issue.\n\n\n \n\"We welcome our new investors and are grateful to our existing shareholders and insiders for their continued support\" commented Company CEO Eric Allison. He added \"this financing will help maintain the steady progress on key elements of our Santa Cruz Graphite Project. We anticipate completion of this work and the awarding of our 5,000 tonnes per year Trial Mining License during Q3 of this year.\"\n\n\n \n\nThe Private Placement consists of 5,000,000 Units priced at C$0.10 per unit (the \"Units\"). Each Unit consists of one (1) common share and one (1) common share purchase warrant (the \"Warrants\"). Each Warrant entitles the holder to purchase one additional common share of the Company at an exercise price of C$0.15 per common share for a period of 2 years from the date of issue. The securities are be subject to a four month hold period from the date of closing and approval by the TSX Venture Exchange. The Private Placement remains available to existing shareholders of the Company and all Warrants issued under the Private Placement are subject to an acceleration clause. See below for furt...