Star Minerals Group Ltd. Closes Private Placement of Units
31 Dezember 2013 - 8:12PM
Marketwired
Star Minerals Group Ltd. Closes Private Placement of Units
SASKATOON, SASKATCHEWAN--(Marketwired - Dec 31, 2013) - Star
Minerals Group Ltd. ("Star" or the "Company") (CNSX:SUV) is pleased
to announce that it completed a non-brokered private placement
offering of units ("Units") at a price of $0.24 per Unit for
aggregate gross proceeds of $476,392.08 (the "Offering"). Each Unit
is comprised of three (3) common shares in the share capital of the
Company ("Common Shares") issued on a "flow through" basis, as
defined in the Income Tax Act (Canada) (the "Flow Through
Shares"), one (1) non-flow through Common Share (the "Non-Flow
Through Shares") and one half of one (1/2) Common Share purchase
warrant (each whole warrant, a "Warrant"). Each Warrant is
exercisable for a period of two (2) years from the date of issuance
at an exercise price of $0.09 for the first year and $0.105 for the
second year.
The proceeds of the Offering attributable to the sale of the
Flow Through Shares will be used to fund expenditures on Star's
existing mineral properties and a preliminary economic assessment
on the Hoidas Lake Rare Earth Project pursuant to the option and
joint venture agreement (the "Option and Joint Venture Agreement")
between the Company and Great Western Minerals Group Ltd., as more
particularly disclosed in the Company's news release dated December
4, 2013, once the transactions contemplated by the Option and Joint
Venture Agreement have closed.
The proceeds of the Offering attributable to the sale of the
Non-Flow Through Shares will be used for general working
capital.
All securities issued pursuant to the Offering will be subject
to a statutory hold period expiring four months after the date of
the issuance of the securities.
Insiders of the Corporation subscribed for an aggregate of
1,369,967 Units, comprised of an aggregate of 1,369,967 Non-Flow
Through Shares, 5,479,868 Flow-Through Shares and 684,984 Warrants.
The Company has determined that there are exemptions available from
the various requirements of Multilateral Instrument 61-101 for the
issuance of these Units (Formal Valuation - Issuer Not Listed on
Specified Markets; Minority Approval - Fair Market Value Not More
Than 25% of Market Capitalization).
About Star Minerals Group Ltd.
Star is a Canadian based entity focused on the strategic
acquisition and development of resource properties on a worldwide
basis.
For more information, please visit our website at
www.starminerals.ca.
Neither the Canadian National Stock Exchange nor its Market
Regulator (as that term is defined in the policies of the Canadian
National Stock Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statements
This news release contains certain statements which constitute
forward-looking statements or information ("forward-looking
statements"), including statements regarding the use of proceeds
from the Offering. Such forward-looking statements are subject to
numerous risks and uncertainties, some of which are beyond Star's
control, including the impact of general economic conditions,
industry conditions, volatility of commodity prices, currency
fluctuations, competition from other industry participants, stock
market volatility and the ability to access sufficient capital from
internal and external sources. Although Star believes that the
expectations in its forward-looking statements are reasonable, they
are based on factors and assumptions concerning future events which
may prove to be inaccurate. Those factors and assumptions are based
upon currently available information. Such statements are subject
to known and unknown risks, uncertainties and other factors that
could influence actual results or events and cause actual results
or events to differ materially from those stated, anticipated or
implied in the forward looking information. As such, readers are
cautioned not to place undue reliance on the forward looking
information, as no assurance can be provided as to future results,
levels of activity or achievements. Other factors that could
materially affect such forward-looking statements are described in
the risk factors in the most recent management's discussion and
analysis that is available on the Company's profile on SEDAR at
www.sedar.com. Readers are cautioned that the foregoing list of
factors is not exhaustive. The forward-looking statements contained
in this document are made as of the date of this document and,
except as required by applicable law, Star does not undertake any
obligation to publicly update or to revise any of the included
forward-looking statements, whether as a result of new information,
future events or otherwise. The forward-looking statements
contained in this document are expressly qualified by this
cautionary statement.
Star Minerals Group Ltd.Jim
Engdahl306-664-3828306-244-0042info@starminerals.cawww.starminerals.ca
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