South Star Battery increases financing to $6.67-million

Executive Summary

• South Star Battery Metals Corp. has upsized its previously announced non-brokered private placement of units from $6,255,000 to a maximum of $6,672,000 (approximately $4.8 million USD) due to significant market demand.
• The upsized offering consists of up to 44.48 million units priced at 15 cents per unit, with net proceeds designated for exploration, development, general and administrative expenses, and working capital.
• The company has already closed two tranches totaling approximately $3.26 million and anticipates closing additional tranches in the coming weeks, subject to regulatory and exchange approvals.

Key Details

• Offering Size: Increased from $6,255,000 to up to $6,672,000.
• Unit Price: 15 cents per unit.
• Total Units: Up to 44.48 million units.
• Warrant Terms: Each unit includes one common share purchase warrant. Each warrant allows the holder to acquire one additional share at an exercise price of 20 cents per share.
• Warrant Expiry: Five years from the closing date.
• Acceleration Clause: The expiry date may be accelerated if the common share closing price on the TSX Venture Exchange is at or above 40 cents for 10 consecutive trading days (starting four months after closing), provided 30 days' prior notice is given.
• Use of Proceeds: Exploration and development activities, general and administrative expenses, and working capital.
• Statutory Hold: Four months and one day from the date of issuance.
• Previous Tranches: Two tranches have been closed for aggregate gross proceeds of approximately $3.26 million.
• Future Tranches: The company anticipates closing one or more additional tranches in the coming weeks, subject to customary conditions and exchange approval.
• Finder's Fees: The company may pay finders' fees (cash, warrants, or shares) for additional tranches within exchange policy limits.
• Regulatory Status: Subject to final approval of the exchange.

Notable Quotes

• "Due to significant market demand, South Star Battery Metals Corp. has increased the size of its previously announced non-brokered private placement..."