Business
STAR NAVIGATION Announces Private Placement and TSX-V Approvals
TSX Venture Exchange Symbol: SNA TORONTO, April 9 /CNW/ - Star Navigation Systems Group Ltd. (TSX...
About this update from Star Navigation Systems Group Ltd.
[{"type":"text","content":"\n\n\n\nTSX Venture Exchange Symbol: SNA\n\n\nTORONTO, April 9 /CNW/ - Star Navigation Systems Group Ltd. (TSX-V: SNA)\n("Star" or the "Company") is pleased to announce that it has closed a\nnon-brokered private placement of 6,105,094 units (the "Units") at a price of\n$0.08 per Unit for gross proceeds of $488,408 (the "Offering"). Each Unit\nconsists of one common share of the Company ("Share") and one-half of one\ncommon share purchase warrant. One full warrant ("Warrant") will entitle the\nholder thereof to purchase one additional share of the Company at a price of\n$0.30 per share for a period of two years from the date of Closing. Finder's\nfees consisting of $41,161 were paid in connection with this private\nplacement.\n\n\nAll securities issued in the Offering and any Shares issued upon exercise\nof Warrants are subject to a hold period expiring August 9, 2009. The net\nproceeds from the Offering are intended to be used to fund marketing,\ninstallations and for general working capital. The TSX Venture Exchange\n("TSX-V") has issued final acceptance with respect to the placement.\n\n\nStar also announces that the TSX-V has consented to the extension by Star\nof the term of 13,182,766 warrants issued by the Company by way of private\nplacement accepted for filing by the TSX-V May 16, 2007, and to the reduction\nin the original warrant exercise price of $0.30. Each warrant now entitles the\nholder thereof to purchase one additional share of the Company at a price of\n$0.20 per share until April 15, 2011.\n\n\nStar also announces that the TSX-V has consented to the reduction of the\nexercise price of 5,400,000 stock options, previously issued to consultants of\nthe Company, from $0.30 to $0.10.\n\n\nCertain statements contained in this News Release constitute forward-\nlooking statements. When used in this document, the words "may", "would",\n"could", "will" and similar expressions, as they relate to Star or its\nmanagement are intended to identify forward-looking statements. Such\nstatements reflect Star's current views with respect to future events and are\nsubject to certain risks, uncertainties and assumptions. Many factors could\ncause Star's actual performance or achievements to vary from those described\nherein...