Starcore closes $5-million private placement

Executive Summary

• Starcore International Mines Ltd. has closed a non-brokered private placement, raising $5 million in gross proceeds.
• The company issued 20 million units at a price of 25 cents per unit, with each unit consisting of one common share and one-half of one transferable common share purchase warrant.
• The financing involved finder's fees totaling approximately $92,099.79 and the issuance of nearly 368,400 finders' warrants.

Key Details

• Gross Proceeds: $5,000,000
• Units Issued: 20,000,000 units
• Price Per Unit: $0.25
• Unit Composition: Each unit consists of one common share and one-half of one transferable common share purchase warrant.
• Warrant Terms:
  • Each whole warrant is exercisable to purchase one common share.
  • Exercise Price: $0.35 per share.
  • Duration: Two years from the date of issue.
  • Early Expiry Clause: If the closing share price is equal to or greater than $0.50 for 10 consecutive trading days after resale restrictions expire, the company may reduce the remaining exercise period to not fewer than 30 days via notice.
• Finder's Compensation:
  • Cash Fees: $92,099.79 paid to eligible registrants.
  • Warrants: 368,399 finders' warrants issued, with similar features to investor warrants but expiring within one year.
• Hold Period: All securities are subject to a hold period of four months plus one day.
• Post-Financing Share Count: 89,863,517 common shares issued and outstanding.