Glenstar Minerals Inc. Announces Closing of Upsized $3 Million Private Placement Financing

Executive Summary

• Glenstar Minerals Inc. has closed its private placement of 5,122,235 units at $0.68 per unit, raising total gross proceeds of $3,483,119.80, including the exercise of the over-allotment option.
• The net proceeds are designated for exploration activities, specifically drilling at the Green Monster Property and trenching at the Wild Horse Property, alongside general and administrative expenses.
• The transaction involved the issuance of common shares and warrants, with specific commission structures and agent warrants granted to Hampton Securities Limited.

Key Details

• Units Issued: 5,122,235 Units (4,500,000 base units + 622,235 over-allotment units).
• Price Per Unit: $0.68.
• Gross Proceeds: $3,483,119.80.
• Over-Allotment: Agent exercised option for 622,235 additional units, generating $423,119.80 in additional proceeds.
• Unit Composition: Each Unit consists of one Common Share and one Common Share purchase warrant.
• Warrant Terms (Investors): Each warrant is exercisable to purchase one additional Common Share at $0.85 per share until August 26, 2027.
• Agent Commission: Cash commission of 7% of gross proceeds paid to Hampton Securities Limited.
• Agent Warrants: Non-transferable warrants granted to Agent and sub-agents to purchase 358,556 Common Shares at $0.68 per share until August 26, 2027.
• Use of Proceeds: Drilling at Green Monster Property, trenching at Wild Horse Property, additional exploration at both properties, and general/administrative expenses/working capital.
• Regulatory Status: Offered under National Instrument 45-106 and Coordinated Blanket Order 45-935; securities are not subject to a hold period.
• Agent: Hampton Securities Limited.

Notable Quotes

• "On behalf of the Board of Directors, David Ryan, President & CEO"