South Star Battery Metals Announces Closing of Final Tranche of Upsized Private Placement Raising Gross Proceeds of US$3M
South Star Battery Metals has completed the final tranche of its upsized, non-brokered private placement, raising total gross proceeds of US$3 million. The third tranche raised US$879,449.45 through the issuance of 2,045,231 Units, each priced at US$0.43 and including one common share and one purchase warrant.
The warrants are exercisable at US$0.89 for five years and include an acceleration clause. Insiders participated in Tranche 3 for US$29,440.45, with total insider participation across all tranches reaching US$936,798.50. The funds will support exploration, development, production activities, and working capital requirements.
The company paid finder's fees of US$40,000 and issued 55,813 common shares to A8 Capital Advisors Latam All securities are subject to a four-month hold period, and the closing is subject to TSX Venture Exchange approval.
South Star Battery Metals ha completato l'ultima tranche del suo collocamento privato, aumentato e senza intermediari, raccogliendo un totale di 3 milioni di dollari USA. La terza tranche ha raccolto 879,449.45 dollari USA tramite l'emissione di 2,045,231 unità, ciascuna al prezzo di 0.43 dollari USA e comprendente un'azione comune e un warrant di acquisto.
I warrant sono esercitabili a 0.89 dollari USA per cinque anni e includono una clausola di accelerazione. I membri interni hanno partecipato alla Tranche 3 per 29,440.45 dollari USA, con la partecipazione totale degli insider in tutte le tranche che ha raggiunto 936,798.50 dollari USA. I fondi supporteranno le attività di esplorazione, sviluppo, produzione e le necessità di capitale circolante.
L'azienda ha pagato commissioni per trovatori di 40,000 dollari USA e ha emesso 55,813 azioni comuni a A8 Capital Advisors Latam. Tutti i titoli sono soggetti a un periodo di blocco di quattro mesi e la chiusura è soggetta all'approvazione della TSX Venture Exchange.
South Star Battery Metals ha completado la última tranche de su colocación privada aumentada y no intermediada, recaudando un total de 3 millones de dólares estadounidenses. La tercera tranche recaudó 879,449.45 dólares estadounidenses a través de la emisión de 2,045,231 unidades, cada una con un precio de 0.43 dólares estadounidenses, incluyendo una acción común y un warrant de compra.
Los warrants son ejercitables a 0.89 dólares estadounidenses durante cinco años e incluyen una cláusula de aceleración. Los miembros internos participaron en la Tranche 3 por 29,440.45 dólares estadounidenses, con una participación total de los insider en todas las tranches alcanzando 936,798.50 dólares estadounidenses. Los fondos apoyarán actividades de exploración, desarrollo, producción y necesidades de capital de trabajo.
La empresa pagó comisiones de buscadores de 40,000 dólares estadounidenses y emitió 55,813 acciones comunes a A8 Capital Advisors Latam. Todos los valores están sujetos a un período de bloqueo de cuatro meses y el cierre está sujeto a la aprobación de la TSX Venture Exchange.
South Star Battery Metals는 비중개 방식의 확대된 사모펀드의 마지막 분할을 완료하며 총 300만 달러의 총 수익을 올렸습니다. 3차 분할에서는 879,449.45달러를 모금하였으며, 총 2,045,231개의 유닛이 발행되었으며, 각각의 가격은 0.43달러로 정해졌습니다. 각 유닛에는 하나의 보통주와 하나의 매입권이 포함되어 있습니다.
매입권은 0.89달러에 5년간 행사할 수 있으며 가속 조항이 포함되어 있습니다. 내부자들은 3차 분할에 29,440.45달러를 투자했으며, 모든 분할에 걸쳐 총 내부자 참여가 936,798.50달러에 달했습니다. 이 자금은 탐사, 개발, 생산 활동 및 운영 자본 요구 사항을 지원할 것입니다.
회사는 40,000달러의 중개인 수수료를 지급하고 A8 Capital Advisors Latam에 55,813주를 발행했습니다. 모든 증권은 4개월의 유예 기간을 염두에 두고 있으며, 거래는 TSX 벤처 거래소의 승인을 받아야 합니다.
South Star Battery Metals a complété la dernière tranche de son placement privé augmenté et non intermédié, levant un total de 3 millions de dollars US. La troisième tranche a permis de lever 879,449.45 dollars US par l'émission de 2,045,231 unités, chacune au prix de 0.43 dollars US et comprenant une action ordinaire et un bon de souscription.
Les bons de souscription sont exerçables à 0.89 dollars US pendant cinq ans et comprennent une clause d'accélération. Les initiés ont participé à la tranche 3 pour 29,440.45 dollars US, avec une participation totale des initiés dans toutes les tranches atteignant 936,798.50 dollars US. Les fonds serviront à soutenir des activités d'exploration, de développement, de production et des besoins en fonds de roulement.
La société a payé des frais de recherche de 40,000 dollars US et a émis 55,813 actions ordinaires à A8 Capital Advisors Latam. Tous les titres sont soumis à une période de blocage de quatre mois, et la clôture dépend de l'approbation de la TSX Venture Exchange.
South Star Battery Metals hat die letzte Tranche seiner erhöhten, nicht vermittelten Privatplatzierung abgeschlossen und insgesamt 3 Millionen US-Dollar an Bruttoerlösen erzielt. Die dritte Tranche brachte 879,449.45 US-Dollar durch die Ausgabe von 2,045,231 Einheiten, die jeweils zu 0,43 US-Dollar angeboten wurden und eine Stammaktie sowie einen Kaufwarrant beinhalteten.
Die Warrants können für 0,89 US-Dollar über fünf Jahre ausgeübt werden und beinhalten eine Beschleunigungsklausel. Insidern beteiligten sich in Tranche 3 mit 29,440.45 US-Dollar, wobei die gesamte Insider-Beteiligung über alle Tranchen 936,798.50 US-Dollar erreichte. Die Mittel werden die Exploration, Entwicklung, Produktionsaktivitäten und die Anforderungen an das Betriebskapital unterstützen.
Das Unternehmen zahlte Findergebühren in Höhe von 40,000 US-Dollar und gab 55,813 Stammaktien an A8 Capital Advisors Latam aus. Alle Wertpapiere unterliegen einer viermonatigen Haltefrist, und der Abschluss steht unter dem Vorbehalt der Genehmigung der TSX Venture Exchange.
- Successfully raised US$3 million in total gross proceeds
- Strong insider participation totaling US$936,798.50
- 5-year warrant term provides long-term funding potential
- Dilution of existing shareholders through new share issuance
- Additional dilution possible through warrant exercise
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, BC / ACCESSWIRE / January 8, 2025 / South Star Battery Metals Corp. ("South Star" or the "Company") (TSXV:STS)(OTCQB:STSBF), is pleased to announce that it that it has successfully completed the closing of the third and final tranche of its upsized, non-brokered private placement (the "Private Placement") of Units for gross proceeds to the Company of US
Tranche 3 of the Private Placement consists of the issuance of 2,045,231 Units (the "Units"). Each Unit consists of one common share (a "Share") priced at US
Final closing of the Private Placement is subject to customary closing conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. In connection with the third tranche closing of the Private Placement, the Company paid finder's fees of US
Insiders of the Company participated in Tranche 3 of the Private Placement for an aggregate amount of US
Acceleration Clause
The acceleration clause of the Warrants will provide that, if, during any period of ten (10) consecutive trading days between the date that is four (4) months following the closing of the Private Placement and the expiry of the Warrants, the daily volume weighted average trading price of the common shares of the Company on the TSX Venture Exchange (or such other stock exchange where the majority of the trading volume occurs) is equal to or exceeds US
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About South Star Battery Metals Corp.
South Star is a Canadian battery-metals project developer focused on the selective acquisition and development of near-term production projects in the Americas. South Star's Santa Cruz Graphite Project, located in Southern Bahia, Brazil is the first of a series of industrial- and battery-metals projects that will be put into production. Brazil is the second-largest graphite-producing region in the world with more than 80 years of continuous mining. Santa Cruz has at-surface mineralization in friable materials, and successful large-scale pilot-plant testing (> 30 tonnes) has been completed. The results of the testing show that approximately
South Star's second project in the development pipeline is strategically located in Alabama, U.S.A. in the center of a developing electric-vehicle, aerospace, and defense hub in the southeastern United States. The BamaStar Project includes a historic mine active during the First and Second World Wars. A NI 43-101 Preliminary Economic Assessment was filed on SEDAR+ in November 2024. Trenching, Phase 1 drilling, sampling, analysis, and preliminary metallurgical testing have been completed. The testing included a traditional crush/grind/flotation concentration circuit that achieved grades of approximately 94
South Star is committed to a corporate culture, project execution plan and safe operations that embrace the highest standards of ESG principles, based on transparency, stakeholder engagement, ongoing education, and stewardship. To learn more, please visit the Company website at http://www.southstarbatterymetals.com.
This news release has been reviewed and approved for South Star by Richard Pearce, P.E., a "Qualified Person" under National Instrument 43-101 and President and CEO of South Star Battery Metals Corp.
On behalf of the South Star Board of Directors,
MR. RICHARD L. PEARCE,
President & Chief Executive Officer
For additional information, please contact:
South Star Investor Relations
Email: invest@southstarbatterymetals.com
Phone: +1 (604) 706-0212
Website: www.southstarbatterymetals.com
Twitter: https://twitter.com/southstarbm
Facebook: https://www.facebook.com/southstarbatterymetals
LinkedIn: https://www.linkedin.com/company/southstarbatterymetals/
YouTube: South Star Battery Metals - YouTube
CAUTIONARY STATEMENT
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Forward-Looking Information
This press release contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements". Forward-looking statements in this press release include, but are not limited to statements regarding the Private Placement, including the closing date, the use of proceeds and potential acceleration of Warrants and Finder's Warrants, production at Santa Cruz, and scaling operations as well as advancing the Alabama project; and the Company's plans and expectations.
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
SOURCE: South Star Battery Metals Corp.
View the original press release on accesswire.com
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