By Sheri Kasprzak
New York, Sept. 8 - Southern Star Resources Inc. said it has upsized its previously announced private placement to C$1.4 million from C$1.2 million.
The company now plans to sell 2.8 million flow-through units at C$0.50 each.
The units are comprised of one flow-through share and one half-share warrant. The whole warrants allow for another flow-through share at C$0.60 each for one year.
The expiry of the warrants may be accelerated to 30 days if the company's stock trades above C$1.00 for 20 consecutive trading days.
The offering was first announced Aug. 31 as a C$1.2 million deal comprised of up to 2.4 million units under the same terms.
Proceeds will be used for development of the Bruce Channel drilling program on the Gold Eagle Mine property.
Based in Toronto, Southern Star is a gold exploration company.
| Issuer: | Southern Star Resources Inc.
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| Issue: | Units of one flow-through share and one half-share warrant
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| Amount: | C$1.4 million (maximum)
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| Units: | 2.8 million (maximum)
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| Price: | C$0.50
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.60
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| Pricing date: | Aug. 31
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| Upsized: | Sept. 8
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| Stock price: | C$0.52 at close Aug. 31
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| Stock price: | C$0.65 at close Sept. 8
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