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STAR NAVIGATION - Placement Update and Appointment of Secretary
TSX Venture Exchange Symbol: SNA TORONTO, July 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, July 9 /CNW/ - Star Navigation Systems Group Ltd. (TSX-V: SNA)\n("Star" or the "Company") wishes to correct its announcement dated May 16,\n2008. The gross proceeds of the placement were in fact $1,222,485.76. Total\nunits issued were 7,640,536 at $0.16 per unit. Each unit consists of one\nCommon Share of the Corporation and one-half of one common share purchase\nwarrant. One full warrant entitles the holder to purchase one additional\ncommon share of the Corporation at $0.50 per share during the one year period\nfrom the date of issue. In addition, 279,375 common shares were issued by way\nof finder's fees. Securities issued are subject to four month hold expiring\nSeptember 28, 2008.\n\n\nThe Company is also pleased to announce that Adam Szweras has been\nappointed Secretary of the Company, effective May 15, 2008. Mr. Szweras is a\npartner at Fogler, Rubinoff LLP, Toronto, Ontario, legal counsel to the\nCompany. Mr. Szweras joined Fogler, Rubinoff LLP in 2006, and prior thereto\npracticed securities and corporate law with another major Canadian firm. Prior\nto that he was the managing partner of a prominent Bay Street securities law\nboutique where he represented public issuers and investment dealers. His legal\npractice and investment bank activities have been focused on corporate finance\nand going public transactions. In connection with his appointment as\nSecretary, the Company has granted to Mr. Szweras incentive stock options for\nthe purchase of a total of 200,000 common shares of the Company at a price of\n$0.13 each until June 30, 2012. The options are being granted pursuant to the\nterms of the Company's stock option plan.\n\n\nAbout Star Navigation : Star Navigation Systems Group Ltd.\n(www.star-navigation.com) owns the exclusive worldwide license to its\nproprietary, patented In-flight Safety Monitoring System, the first system in\nthe world to feature in-flight data-analysis, monitoring and diagnostics with\na real-time connection between aircraft and ground. Its real-time capability\nof tracking performance-trends and predicting incident-occurrence enhances\naviation safety and improves fleet management while reducing costs for the\noperator.\n\n\nCertain statements contained in this News Release constitute\nforward-looking statements. Whe...