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Stardust Solar Closes $1,000,000 Non-Brokered Private Placement of Secured Senior Convertible Debenture Units
- NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES - Vancouver, Bri...
About this update from Stardust Solar Energy Inc.
[{"type":"text","content":"Stardust Solar Closes $1,000,000 Non-Brokered Private Placement of Secured Senior Convertible Debenture Units- NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES -Vancouver, British Columbia--(Newsfile Corp. - February 17, 2026) - Stardust Solar Energy Inc. (TSXV: SUN) (OTCQB: SUNXF) (\"Stardust Solar\" or the \"Company\"), a leading provider of residential solar energy solutions, is pleased to announce, that it has closed its previously announced non-brokered private placement of senior secured convertible debenture units of the Company (each, a \"Debenture Unit\") with Plaza Capital (the \"Investor\"), and issued 1,000 Debentures Units at a price of $1,000 per Debenture Unit for aggregate gross proceeds of $1,000,000 per Debenture Unit (the \"Offering\"). The Company intends to use the net proceeds of the Offering for its solar project in Zambia, as well as for general and administrative, marketing and working capital purposes. Each Debenture Unit issued in the Offering consists of: (i) one senior secured convertible debenture of the Company (each, a \"Debenture\") having a principal value of $1,020 (the \"Principal Amount\") and (ii) 6,800 common share purchase warrants (each, a \"Warrant\"). Each Warrant entitles the holder thereof to purchase one common share in the capital of the Company (each, a \"Common Share\") at a price of $0.21 (the \"Exercise Price\") for a period of 24 months following the closing of the Offering.The Debentures will mature on February 17, 2028 (the \"Maturity Date\") and bear interest at a rate of 10% per annum, which is to be paid in cash. Upon any event of default, the Debentures will bear interest at an increased rate of 25% per annum. The Principal Amount of the Debentures will be convertible into Common Shares at a price of $0.15 per Common Share (the \"Conversion Price\") at the option of the holder at any time.The Conversion Price and the Exercise Price are subject to adjustment upon the occurrence of certain events, subject to compliance with the policies of the TSX Venture Exchange (\"TSX-V\"), including but not limited to: (i) if, at any time while the Debentures remain outstanding, the Company issues Common Shares, or securities convertible into Common Shares, at an issue price or deemed issue price, below the Conversion Price, the Conversion Price of the Debent...