Novastar Resources wraps $1.25 million private placement of stock

By Sheri Kasprzak

New York, Jan. 23 - Novastar Resources Ltd. said it has concluded a $1.25 million private placement.

The company sold shares to accredited and institutional investors, but the terms of the offering could not be determined by press time Monday.

Proceeds will be used for the completion of Novastar's merger with Thorium Power, Inc. The rest will be used for working capital.

Based in New York, Novastar is a mineral exploration company.

On Monday, the company's stock jumped 28.71%, or 14 cents, to end at $0.65 (OTCBB: NVAS).

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