Business
STAR NAVIGATION Closes Private Placement
TSX Venture Exchange Symbol: SNA TORONTO, Dec. 3 /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, Dec. 3 /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 8,488,930 units (the "Units") at a price of\n$0.10 per Unit for gross proceeds of $848,893 (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") is exercisable to\nacquire one additional Share for a period of 12 months from closing at an\nexercise price of $0.30.\n\n\nFinder's fees consisting of 811,500 common shares of the Company were\npaid in connection with this private placement.\n\n\nAll securities issued in the Offering and any Shares issued upon exercise\nof Warrants are subject to a hold period expiring April 2, 2009. The net\nproceeds from the Offering are intended to be used to fund marketing,\ninstallations and for general working capital.\n\n\nCompletion of the placement is subject to the final acceptance of the TSX\nVenture Exchange.\n\n\nAbout Star Navigation:\n\n\nStar Navigation Systems Group Ltd. (www.star-navigation.com) owns the\nexclusive worldwide license to its proprietary, patented In-flight Safety\nMonitoring System, the first system in the world to feature in-flight\ndata-analysis, monitoring and diagnostics with a real-time connection between\naircraft and ground. Its real-time capability of tracking performance-trends\nand predicting incident-occurrence enhances aviation safety and improves fleet\nmanagement while reducing costs for the operator.\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. Should one or more of these factors or uncertainties materialize, or\nshould assumptions underlying forward...