Deal funds exploration on the Mary March property and working capital
By Devika Patel
Knoxville, Tenn., Dec. 13 - Canstar Resources Inc. said it will take in C$1.05 million in a non-brokered private placement of units.
The company will sell 7 million units of one common share and one warrant at C$0.15 apiece on a best-efforts basis. The warrants are each exercisable at C$0.20 for one year. The strike price represents a 21.21% premium to the Dec. 12 closing share price of C$0.165.
Of the units, 2 million will be sold on a flow-through basis for C$300,000.
Proceeds will be used for exploration on the company's Mary March property and working capital.
Canstar is a Toronto-based junior resource company.
| Issuer: | Canstar Resources Inc.
|
| Issue: | Units of one common share and one warrant, flow-through units of one flow-through common share and one warrant
|
| Amount: | C$1.05 million
|
| Units: | 7 million
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 13
|
| Stock symbol: | TSX Venture: ROX
|
| Stock price: | C$0.165 at close Dec. 12
|
| Market capitalization: | C$11.36 million
|
|
|
| Flow-through units
|
| Amount: | C$300,000
|
| Units: | 2 million
|
|
|
| Units
|
| Amount: | C$750,000
|
| Units: | 5 million
|
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