TSXV: CSTR
TORONTO, Feb. 4, 2021 /CNW/ - CryptoStar Corp. (TSXV:
CSTR) ("CryptoStar" or the "Company"), a
cryptocurrency mining and data centre operator, today announced
that it has closed the private placement announced on December 23, 2020, consisting of the issuance of
10,000,000 units ("Units") of the Company to raise
$500,000 at a price of $0.05 per Unit by way of a non-brokered private
placement (the "Offering").
Each Unit consists of one common share of CryptoStar (a
"Common Share") and one common share purchase warrant of
CryptoStar (a "Warrant"). Each Warrant entitles the holder
to acquire one Common Share at a price of CAD $0.075 per Common Share for a period of 18 months
from the date of issue.
The Company will pay cash fees and issue Common Shares and
non-transferable warrants (the "Finder's Warrants") pursuant
to the Offering. EMD Financial Inc. will receive $33,250, 285,000 Common Shares and 285,000
Finder's Warrants. Each Finder's Warrant will entitle the holder
thereof to acquire one Common Share at a price of $0.075 per Common Share for a period of twelve
months from the date of issue.
The Offering and the payment of the finder's fee is subject to
TSX Venture Exchange approval. The securities issued in
connection with the Offering are subject to a four-month hold
period, in accordance with applicable securities laws.
CryptoStar intends to use the net proceeds from the Offering for
business operations and expansion of its business, and for general
working capital purposes.
About CryptoStar Corp.:
CryptoStar has cryptocurrency mining operations with data
centres located in the U.S.A. and
Canada. CryptoStar is currently
dedicated to becoming one of the lowest cost cryptocurrency
producers in North America and a
major supplier of GPU and ASIC miners and mining hardware &
hosting packages worldwide.
Neither the TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this press release.
Forward-Looking Statements
This news release contains forward-looking statements.
Forward-looking statements can be identified by the use of words
such as, "expects", "is expected", "anticipates", "intends",
"believes", or variations of such words and phrases or state that
certain actions, events or results "may" or "will" be taken, occur
or be achieved. Forward-looking statements include those relating
to the use of net proceeds from the Offering. Forward-looking
statements are not a guarantee of future performance and are based
upon a number of estimates and assumptions of management in light
of management's experience and perception of trends, current
conditions and expected developments, as well as other factors that
management believes to be relevant and reasonable in the
circumstances. Actual results, performance or achievement could
differ materially from that expressed in, or implied by, any
forward-looking statements in this press release, and, accordingly,
you should not place undue reliance on any such forward-looking
statements and they are not guarantees of future results.
Forward-looking statements involve significant risks, assumptions,
uncertainties and other factors that may cause actual future
results or anticipated events to differ materially from those
expressed or implied in any forward looking statements. Except as
required by law, CryptoStar undertakes no obligation to publicly
update any forward-looking statements, whether as a result of new
information, future events or otherwise.
SOURCE CryptoStar Corp.