Canstar Resources Inc. (TSX-V:ROX) is pleased to announce the completion of its previously announced non-brokered private placement for gross proceeds of $1,043,795 through the sale of 10,437,950 units at a price of $0.10 per Unit.
Each Unit was comprised of one common share in the capital stock of the Corporation and one-half of one common share purchase warrant. Each Warrant shall entitle the holder to purchase one Common Share at a price of $0.15 per Common Share until December 31, 2017.
In connection with the Offering, a finder’s fee was paid to certain eligible finders. The Finder’s Fee was comprised of $6,000 in cash and an aggregate of 265,000 non-transferrable share purchase warrants. Each Finder’s Warrant, which has an expiry date of December 31, 2017, entitles the holder to acquire one Unit at an exercise price of $0.10 per Unit.
The net proceeds of the Offering will be used to fund exploration on the Corporation’s Kenora Gold Project located in the Kenora area of Ontario.
All securities issued pursuant to the Offering are subject to a statutory four month and one day hold period expiring on December 3, 2016.
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