Starcore Closes Private Placement

Executive Summary

• Starcore International Mines closed a non‑brokered private placement raising $5,000,000 in gross proceeds.
• Issued 20,000,000 units at $0.25 per unit, each consisting of one common share and half of a transferable warrant exercisable at $0.35 for two years.
• Paid $92,099.79 in finders’ fees and issued 368,399 finders’ warrants (one‑year expiry).

Key Details

• Financing Size: $5,000,000 gross proceeds.
• Units Issued: 20,000,000 units @ $0.25 per unit.
• Unit Composition: 1 common share + ½ transferable common share purchase warrant.
• Warrant Terms: Each whole warrant exercisable for two years at $0.35 per share; possible reduction of exercise period to a minimum of 30 days if the closing price ≥ $0.50 for 10 consecutive trading days after resale restrictions expire (company may give notice).
• Finders’ Compensation: $92,099.79 paid in cash plus 368,399 finders’ warrants (same features as primary warrants but expiring within one year).
• Hold Period: All securities issued are subject to a hold period of four months plus one day.
• Shares Outstanding Post‑Financing: 89,863,517 common shares.

Notable Quotes

• “We are pleased to announce the successful closing of this financing, which provides us with additional capital to advance our growth initiatives and strengthen our balance sheet.” – Robert Eadie, Chief Executive Officer.