Business
Star Royalties Announces Closing of Strategic Investment in Green Star Royalties
TORONTO, ON / ACCESSWIRE / May 30, 2022 / Star Royalties Ltd. (the " Company " or " Star Roy...
About this update from Star Royalties Ltd
[{"type":"text","content":"Star Royalties Announces Closing of Strategic Investment in Green Star RoyaltiesTORONTO, ON / ACCESSWIRE / May 30, 2022 / Star Royalties Ltd. (the \"Company\" or \"Star Royalties\") (TSXV:STRR)(OTCQX:STRFF) is pleased to announce the closing of the previously announced strategic non-brokered private placement (the \"Private Placement\") of 15,384,620 common shares (\"Green Star Shares\") of its subsidiary, Green Star Royalties Ltd. (\"Green Star\"), at a price of C$1.00 per Green Star Share. Agnico Eagle Mines Limited (\"Agnico Eagle\") (AEM) has purchased 14,134,620 Green Star Shares for an aggregate purchase price of C$14.13 million. The Company's management team and Board of Directors (collectively, \"Management\") have purchased the remaining 1,250,000 Green Star Shares in the Private Placement for an aggregate purchase price of C$1.25 million.Following the closing of the Private Placement, Green Star is now owned 61.9% by Star Royalties, 35% by Agnico Eagle and 3.1% by Management. Management's direct or indirect holding of Green Star Shares are now: Kevin MacLean (0.84%), Anthony Lesiak (0.74%), Alexandre Pernin (0.52%), Dmitry Kushnir (0.25%), Jay Layman (0.25%), Kylie Dickson (0.25%), Jinhee Magie (0.12%), Kenneth Ngo (0.10%), and Belinda Labatte (0.03%). The Private Placement is expected to accelerate the Company's ability to pursue larger green opportunities and to establish a substantial pure-green royalty company that should attract capital from both generalist and ESG-focused investors.For additional details on the Private Placement, please see the Company's news release dated March 31, 2022.Alex Pernin, Chief Executive Officer of Star Royalties, commented: \"We are delighted to finalize a strategic relationship with Agnico Eagle and we look forward to jointly maximizing the potential of Green Star. We recognize the alignment between our and Agnico Eagle's commitments to sustainability and we welcome their expertise as not only a highly reputable senior Canadian gold mining company, but also a global ESG leader in their industry. We will now focus on scaling up our business, including with our partner Blue Source LLC, North America's leading carbon offset developer and marketer.\"Participation in the Private Placement by Management, insiders of the Company, constitutes a related party transaction as defined under Mul...