South Star Battery Metals Corp. (TSXV: STS | OTCQB: STSBF) has increased the size of its previously announced non-brokered private placement due to significant demand. South Star will now raise aggregate gross proceeds of up to C$7M with shares priced at C$0.72 each.
Additionally, the TSX Venture Exchange (the TSXV) has granted an extension to the closing time. The extended date for final acceptance is now 29 February 2024.
Closing is subject to customary closing conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSXV. Proceeds will be used for accelerating exploration, development, construction activities, corporate G&A, and general working capital requirements.
The company may pay finders’ fees to eligible finders, in accordance with applicable securities laws and the policies of the TSXV. The securities issued will be subject to a four-month hold period. The company may, in its sole discretion, exercise an over-allotment option pursuant to which it may increase the size of the private placement by up to 15%.
South Star Battery Metals is a Canadian battery metals project developer focused on the selective acquisition and development of near-term production projects in the Americas. South Star’s Santa Cruz Graphite Project, located in Brazil is the first of a series of industrial and battery metals projects that will be put into production. Brazil is the second-largest graphite-producing region in the world with more than 80 years of continuous mining. Santa Cruz has at-surface mineralization in friable materials, and successful large-scale pilot-plant testing (> 30t) has been completed.
South Star’s second project in the development pipeline is in Alabama in the center of a developing electric vehicle, aerospace, and defense hub in the US. The BamaStar Project is a historic mine that was active during World Wars I & II and has a NI43-101 technical report along with the maiden resource estimate filed on SEDAR. Trenching, phase 1 drilling, sampling, analysis, and preliminary metallurgical testing have been completed.
For further information, please visit: www.southstarbatterymetals.com
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