Canstar Resources Inc.

Published : May 03rd, 2016

Canstar Announces Closing of $182,000 Financing

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Keywords :   9/11 | Cash | Dollar | Georgia |

Canstar Announces Closing of $182,000 Financing

Toronto, Ontario -- May 2, 2016. Further to its news released dated April 11 and 12, 2016, Canstar Resources Inc. ('Canstar' or the 'Corporation'; TSX.V: ROX) is pleased to announce the completion of its previously announced non-brokered private placement for gross proceeds of $182,412 (the 'Offering') through the sale of 1,158,334 flow-through units (the 'FT Units') and 1,881,866 hard-dollar units (the 'HD Units') at a price of $0.06 per FT Unit and HD Unit.

Each FT Unit consisted of one common share issued on a flow-through basis and one common share purchase warrant (a 'Warrant') and each HD Unit consisted of one common share and one Warrant. Each Warrant shall entitle the holder to purchase one common share of the Corporation for a period of 24 months after closing at a price of $0.10 in the first year after closing, and $0.175 in the second year after closing if the holder so elects. If the closing price on the TSXV of the common shares equals or exceeds $0.175 per share in the first year after closing, or $0.25 per share in the second year after closing, for a period of 20 consecutive trading days, the Corporation has the right to accelerate the expiry date of the Warrants. To exercise this right, within 30 days of the occurrence of an acceleration event, the Corporation must give written notice to the holder by ordinary prepaid mail, in which case the expiry date of the Warrants is accelerated to the date that is thirty (30) calendar days from the date of mailing at 4:00 pm Toronto time.

In connection with the Offering, a finder's fee (the 'Finder's Fee') was paid to certain eligible finders in an amount equal to 5% of gross proceeds and 8% of the number of FT Units and/or HD Units sold pursuant of the Offering. The Finder's Fee was comprised of $6,811 in cash and an aggregate of 181,626 non-transferrable share purchase warrants ('Finder's Warrants'). Each Finder's Warrant, which has an expiry date of May 2, 2018, entitles the holder to acquire one HD Unit at an exercise price of $0.06 per HD Unit.

All securities issued pursuant to the Offering are subject to a statutory four month and one day hold period expiring on September 3, 2016.

On behalf of the Board of Directors,

Danniel J. Oosterman, P.Geo
President & CEO

Contacts:
Danniel J. Oosterman, P. Geo.
President & CEO
E: [email protected]

Karen Willoughby
Director Corporate Communications
T: 1-866-936-6766
E: [email protected]

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this News Release.

Read the rest of the article at www.publicnow.com
Data and Statistics for these countries : Georgia | All
Gold and Silver Prices for these countries : Georgia | All

Canstar Resources Inc.

EXPLORATION STAGE
CODE : ROX.V
ISIN : CA1380811044
CUSIP : 138081 10 4
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Canstar Res. is a gold exploration company based in Canada.

Canstar Res. holds various exploration projects in Canada.

Its main exploration properties are MARY MARCH, BLACK RIVER - CANDOR, MIMINISKA - CANSTAR and SHRIMP LAKE in Canada.

Canstar Res. is listed in Canada. Its market capitalisation is CA$ 5.1 millions as of today (US$ 3.8 millions, € 3.4 millions).

Its stock quote reached its highest recent level on August 20, 2021 at CA$ 0.61, and its lowest recent point on November 24, 2023 at CA$ 0.02.

Canstar Res. has 102 760 000 shares outstanding.

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Financings of Canstar Resources Inc.
8/2/2016Canstar Announces Closing of $1,000,000 Financing
Nominations of Canstar Resources Inc.
6/13/2013Announces the Retirement of Harry J. Hodge and Appointment o...
5/1/2013Announces Appointment of Danniel J. Oosterman as President a...
Project news of Canstar Resources Inc.
10/28/2014Canstar Intercepts 11.5 meters of zinc sulphide mineralizati...
9/11/2013(Mary March)Commences Work on its Mary March Project, Buchans Junction, ...
2/25/2013(Mary March)Announces Positive Results on the Mary March Base Metals Pro...
Corporate news of Canstar Resources Inc.
7/13/2016CANSTAR RESOURCES INC. ANNOUNCES $1,000,000 NON-BROKERED PRI...
7/11/2016Canstar Resources delineates new targets over extensive 1.6 ...
6/20/2016Canstar Resources Inc. Extends Its Ace Gold Showing to 3.1 g...
5/3/2016Canstar Announces Closing of $182,000 Financing
4/12/2016Canstar Resources Inc. Increases Financing by up to $100,000
4/11/2016Canstar Resources Inc. Announces Non-Brokered Private Placem...
1/14/2016Canstar Resources Inc. Announces Final Results of 2015 Field...
12/30/2015Canstar Resources Inc. Announces Closing of Second and Final...
12/24/2015Canstar Resources Inc. Announces Closing of Non-Brokered Pri...
11/2/2015Canstar Resources Inc. Announces $750,000 Non-Brokered Priva...
10/26/2015Canstar locates new showing containing up to 283 g/t gold; C...
7/28/2015Canstar samples up to 68.0 g/t gold in grab samples and deli...
7/28/2015Canstar Samples Up to 68.0 g/t Gold in Grab Samples and Deli...
12/24/2014Canstar Resources Announces Appointment of Director and Gran...
12/1/2014Canstar Receives Numerous High-Grade Grab Sample Results on ...
11/4/2014Canstar Intersects 93.7 meters of 1.00 zinc, 3 g/t silver, a...
8/14/2014Canstar Commences Drill Program Targeting High Priority Geop...
6/25/2014Canstar Resources Provides Exploration Update: Commences Gro...
4/9/2014Canstar Resources Announces Acquisition of Kenora Gold Proje...
5/13/2013Corporate Strategy Update from the New President and CEO of ...
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