ProStar Holdings Announces Closing of Non-Brokered Private Placement For Gross Proceeds of $1,775,000
ProStar Holdings has completed a non-brokered private placement raising C$1,775,000 through the sale of 11,093,750 units at $0.16 per unit. Each unit includes one common share and one warrant exercisable at C$0.22 for 36 months. The company will use proceeds for sales, marketing, and working capital. The placement included participation from board members and executives, with 1,833,751 units purchased by company insiders. The company paid C$3,360 in finder's fees and issued 21,000 finder's warrants. All securities are subject to a 4-month hold period.
ProStar Holdings ha completato un collocamento privato non mediato, raccogliendo C$1.775.000 attraverso la vendita di 11.093.750 unità a $0,16 per unità. Ogni unità comprende una azione comune e un warrant esercitabile a C$0,22 per 36 mesi. L'azienda utilizzerà i proventi per vendite, marketing e capitale di lavoro. Il collocamento ha visto la partecipazione di membri del consiglio e dirigenti, con 1.833.751 unità acquistate da insider dell'azienda. L'azienda ha pagato C$3.360 come commissioni per il collocamento e ha emesso 21.000 warrant per il collocamento. Tutti i titoli sono soggetti a un periodo di blocco di 4 mesi.
ProStar Holdings ha completado una colocación privada no mediada, recaudando C$1,775,000 a través de la venta de 11,093,750 unidades a $0.16 por unidad. Cada unidad incluye una acción común y una opción de compra (warrant) ejercitable a C$0.22 durante 36 meses. La empresa utilizará los ingresos para ventas, marketing y capital de trabajo. La colocación incluyó la participación de miembros de la junta y ejecutivos, con 1,833,751 unidades adquiridas por personas internas de la empresa. La compañía pagó C$3,360 en comisiones de colocación y emitió 21,000 warrants de colocación. Todos los valores están sujetos a un período de retención de 4 meses.
ProStar Holdings는 비중개 비공식 사모 편입을 완료하고 C$1,775,000을 조달하였습니다. 11,093,750개의 단위를 단가 $0.16으로 판매하는 방식입니다. 각 단위는 하나의 보통주와 36개월 동안 C$0.22에 행사 가능한 하나의 워런트를 포함하고 있습니다. 회사는 수익금을 판매, 마케팅 및 운영 자금으로 사용할 계획입니다. 이번 편입에는 이사회 구성원과 임원들이 참여하였으며, 회사 내부자들이 1,833,751개의 단위를 구매하였습니다. 회사는 C$3,360의 중개 수수료를 지급하고 21,000개의 중개 워런트를 발급하였습니다. 모든 증권은 4개월의 보유 기간에 적용됩니다.
ProStar Holdings a terminé un placement privé non intermédiaire, levant C$1,775,000 grâce à la vente de 11,093,750 unités à 0,16 $ par unité. Chaque unité comprend une action ordinaire et un bon de souscription exercisable à C$0,22 pendant 36 mois. La société utilisera les revenus pour les ventes, le marketing et le fonds de roulement. Le placement a inclus la participation de membres du conseil et d'exécutifs, avec 1,833,751 unités achetées par des initiés de l'entreprise. La société a payé C$3,360 en frais de placement et a émis 21,000 bons de souscription. Tous les titres sont soumis à une période de blocage de 4 mois.
ProStar Holdings hat eine nicht vermittelte Privatplatzierung abgeschlossen und dabei C$1.775.000 durch den Verkauf von 11.093.750 Einheiten zu je $0,16 pro Einheit gesammelt. Jede Einheit beinhaltet eine Stammaktie sowie einen Warrant, der für 36 Monate zu C$0,22 ausgeübt werden kann. Das Unternehmen wird die Erlöse für Verkauf, Marketing und Betriebskapital verwenden. An der Platzierung nahmen Mitglieder des Vorstands und Führungskräfte teil, wobei 1.833.751 Einheiten von Unternehmensinsidern erworben wurden. Das Unternehmen zahlte C$3.360 an Vermittlungsgebühren und gab 21.000 Vermittlungswarrants aus. Alle Wertpapiere unterliegen einer viermonatigen Haltefrist.
- Raised C$1,775,000 in fresh capital
- Strong insider participation with 1,833,751 units purchased by directors and officers
- Company maintains a debt-free balance sheet
- Minimal finder's fees of only C$3,360
- Dilutive effect on existing shareholders through issuance of 11,093,750 new units
- Additional potential dilution from exercise of warrants
GRAND JUNCTION, Colo., Nov. 01, 2024 (GLOBE NEWSWIRE) -- (OTCQB: MAPPF) (TSXV: MAPS) (FSE: 5D00) ProStar Holdings Inc. (the "Company" or "ProStar®") a world leader in Precision Mapping Solutions®, is pleased to announce that it has closed its previously announced non-brokered private placement (the “Offering”) for gross proceeds of C
Each Unit consists of one common share of the Company (each, a "Common Share", and collectively the "Common Shares") and one Common Share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder thereof to acquire one common share of the Company (a "Warrant Share") at a price of C
The Company will use the proceeds of the Offering for sales, marketing and working capital requirements.
“I am very pleased to announce the closing of this financing which included strong participation from several members of our Board, Executive Team, and existing shareholders” stated Page Tucker, CEO and Founder of ProStar. “We believe we are nearing an important inflection point and the proceeds from this financing, combined with a debt-free balance sheet, should provide the Company with the liquidity to achieve our goals. I look forward to continuing to provide updates on our progress to our shareholders and the financial community.”
In connection with the Offering, the Company paid fees to eligible finders consisting of: (i) C
Certain directors and senior officers of the Company (the “Interested Parties”) purchased or acquired direction or control over a total of 1,833,751 Units as part of the Offering. The placement to the Interested Parties constituted a “related party transaction” within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Notwithstanding the foregoing, the directors of the Company have determined that the Interested Parties’ participation in the Offering will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 in reliance on the exemptions set forth in sections 5.5(a) and 5.7(1)(a) of MI 61-101. The Company did not file a material change report 21 days prior to the closing of the Offering as the details of the participation of the Interested Parties had not been confirmed at that time.
The securities issued in the Offering will be subject to applicable hold periods imposed under applicable securities legislation, including a hold period of 4 months and one day from the date of issuance. The Offering remains subject to regulatory approval and the approval of the TSX Venture Exchange (the “TSXV”).
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor will there be any sale of any of the securities described in this news release in any jurisdiction, including the United States, in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction or an available exemption therefrom. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any applicable securities laws of any state of the United States, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or "U.S. persons", as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and any applicable securities laws of any state of the United States or pursuant to an exemption from such registration requirements.
About ProStar:
ProStar is a world leader in Precision Mapping Solutions and is creating a digital world by leveraging the most modern GPS, cloud, and mobile technologies. ProStar is a software development company specializing in developing patented cloud and mobile precision mapping solutions focused on the critical infrastructure industry. ProStar’s flagship product, PointMan, is designed to significantly improve the workflow processes and business practices associated with the lifecycle management of critical infrastructure assets both above and below the Earth’s surface.
ProStar’s PointMan is offered as a Software as a Service (SaaS) and has strategic business partnerships with the world’s leading geospatial technology providers, data collection equipment manufacturers, and their dealer networks. The Company has made a significant investment in creating a vast intellectual property portfolio that includes 16 issued patents in the United States and Canada. The patents protect the methods and systems required to digitally capture, record, organize, manage, distribute, and display the precise location of critical infrastructure, including buried utilities and pipelines.
For more information about ProStar, please visit www.prostarcorp.com.
Contact:
Page Tucker
CEO & Founder
ptucker@prostarcorp.com
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accept responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward-Looking Information
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding the anticipated use of proceeds of the Offering and the receipt of final regulatory approval from the TSXV. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive.
In making the forward-looking statements in this news release, the Company has applied certain material assumptions, including without limitation, that the Company will use the proceeds of the Offering as currently anticipated and that the Company will receipt approval from the TSXV in connection with the Offering.
These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, that the Company will not receive the required regulatory approvals or approval from the TSXV in connection with the Offering and that the Company will not use the proceeds of the Offering as currently anticipated.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
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