Star Navigation Announces Warrant Extension

Rhea-AI Summary

Star Navigation Systems Group (CSE: SNA) has announced extensions for three sets of share purchase warrants, subject to Canadian Securities Exchange approval. The extensions include: 19.35 million warrants from a November 2023 debt conversion, 66.22 million warrants from a February 2024 private placement, and 50.74 million warrants from a February 2024 debt conversion. All warrants will maintain their exercise price of $0.05 per share, with expiration dates extended to November 2028 and February 2029 respectively.

Positive

• None.

Negative

• Large number of potential dilutive securities (136.31 million warrants) at a low exercise price ($0.05)
• Extension of warrant expiration dates by 4-5 years indicates potential challenges in warrant exercise at current terms

Brampton, Ontario--(Newsfile Corp. - November 13, 2024) - Star Navigation Systems Group Ltd. (CSE: SNA) (CSE: SNA.CN) ("Star" or the "Company") announces that, subject to Canadian Securities Exchange approval, it is extending the terms of the following share purchase warrants.

1)     19,350,000 share purchase warrants issued pursuant to a shares for debt transaction on November 23, 2023 exercisable at $0.05 per share purchase warrant and expiring on November 23, 2024 will now be extended and expire on November 23, 2028 and be exercisable at $0.05 per share purchase warrant.

2)     66,216,666 share purchase warrants issued pursuant to a private placement announced on February 26, 2024 exercisable at $0.05 per share purchase warrant and expiring on February 25, 2025 will now be extended and expire on February 26, 2029 and be exercisable at $0.05 per share purchase warrant.

3)     50,740,000 share purchase warrants issued pursuant to a shares for debt transaction announced on February 26, 2024 exercisable at $0.05 per share purchase warrant and expiring on February 25, 2025 will now be extended and expire on February 26, 2029 and be exercisable at $0.05 per share purchase warrant.

About Star Navigation:

Star Navigation Systems Group Ltd. manufactures the In-flight Safety Monitoring System, STAR-ISMS®, the heart of the STAR-A.D.S.® System. The STAR-A.D.S.® System has real-time capability of tracking, performance trends and predicting incident-occurrences which enhances aviation safety and improves fleet management while reducing costs for the operator. Star's MMI Division designs and manufactures high performance, mission critical, flight deck flat panel displays for defence and commercial aviation industries worldwide.

Forward-Looking Information

Certain statements in this news release may constitute "forward-looking statements". Forward-looking statements are statements that address or discuss activities, events or developments that Star expects or anticipates may occur in the future. When used in this news release, words such as "estimates", "expects", "plans", "anticipates", "projects", "will", "believes", "intends" "should", "could", "may" and other similar terminology are intended to identify such forward-looking statements.

Forward-looking statements reflect the current expectations and beliefs of Star's management. Because forward-looking statements involve known and unknown risks, uncertainties and other factors, actual results, performance or achievements of Star or the industry may be materially different from those implied by such forward-looking statements.

Examples of such forward-looking information that may be contained in this news release include statements regarding; growth and future prospects of our business; our perceptions of the industry and markets in which we operate and anticipated trends in such markets; expectations regarding the operation of our app; and our future revenues.

Material factors or assumptions that were applied in drawing a conclusion or making an estimate set out in the forward-looking statements may include, but are not limited to, our ability to execute on our business plan, increase visibility amongst consumers and convert users to revenue producing subscribers and the success of the business of our partners. Forward-looking statements involve significant uncertainties, should not be read as a guarantee of future performance or results, and will not necessarily be an accurate indication of whether or not such results will be achieved.

The risks posed by the COVID-19 pandemic to the airline industry are real and substantial but cannot be defined or measured in any meaningful way at this time.

Should one or more of these factors or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.

Accordingly, readers should exercise caution in relying upon forward-looking statements and Star undertakes no obligation to publicly revise them to reflect subsequent events or circumstances, except as required by law.

NEITHER CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CANADIAN SECURITIES EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Please visit www.star-navigation.com or contact

Mr. Randy Koroll, CEO at 1-416-252-2889 #228 or randy.koroll@star-navigation.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229813

FAQ

How many warrants did Star Navigation Systems (CSE: SNA) extend in November 2024?

Star Navigation extended a total of 136.31 million warrants, comprising 19.35 million from November 2023, and 116.96 million from February 2024 transactions.

What is the new expiration date for Star Navigation's (CSE: SNA) November 2023 warrants?

The warrants issued in November 2023 will now expire on November 23, 2028, extended from their original November 23, 2024 expiration date.

What is the exercise price of Star Navigation's (CSE: SNA) extended warrants?

All extended warrants maintain their original exercise price of $0.05 per share purchase warrant.