Goldstar Amends Terms of Private Placement and Debt Settlement pursuant to a lead order from Palisades Goldcorp
August 20 2020 - 2:16PM
Goldstar Minerals Inc. (“
Goldstar” or the
“
Corporation”) (TSX-V: GDM) announces that,
pursuant to a lead order from Palisades Goldcorp Ltd., the
Corporation has revised the terms of its non-brokered private
placement offering previously announced on July 9, 2020 by amending
the price per Unit from $0.02 to $0.015, by amending the exercise
price of the Warrants from $0.03 to $0.02 per share and by amending
the exercise period of the Warrants from 18 months to three (3)
years. The private placement offering will therefore consist of up
to 46,666,667 Units at $0.015 per Unit and up to 30,000,000
Flow-Through Shares at $0.02 per Flow-Through Share for aggregate
gross proceeds of a maximum of $1.3 million. Each Unit will be
comprised of one common share of the Corporation and one Warrant,
each Warrant entitling the holder thereof to purchase one
additional common share of the Corporation at an exercise price of
$0.02 per share for a period of three (3) years from the date of
closing of the offering.
Goldstar has also amended the exercise price and
the exercise period of the Finder’s Warrants issuable in respect of
subscriptions for Units sourced by an eligible Finder as follows:
in respect of subscriptions for Units, the Corporation will pay a
cash fee of 8% of the amount subscribed and will issue to the
Finder a Finder’s Warrant entitling the Finder to acquire, at a
subscription price of $0.015 each, a number of Units equal to 8% of
the number of Units subscribed, each Finder’s Warrant expiring
three (3) years from the date of closing. In respect of
subscriptions for Flow-Through Shares, the Corporation, at its
option, will either pay a cash fee of 8% of the amount subscribed
or issue to the Finder a number of Units equal to 8% of the number
of Flow-Through Shares subscribed.
This private placement remains subject to the
approval of the TSX Venture Exchange (the
“Exchange”).
Debt Settlement
The Corporation also announces that it has
amended the terms pursuant to which it will settle a debt owed to
an insider of the Corporation. Goldstar will issue 33,333,333
common shares of the Corporation at a price of $0.015 per share in
settlement of the debt in the amount of $500,000 owed to him by the
Corporation. The debt settlement is subject to the completion of
the share consolidation announced in the press release dated July
9, 2020 and the approval of the Exchange.
For further information, please contact:
David CrevierChairmanTelephone:
514-284-3663dcrevier@goldstarminerals.com
About Palisades Goldcorp Ltd.
Palisades Goldcorp is Canada’s new resource
focused merchant bank. Palisades’ management team has a
demonstrated track record of making money and is backed by many of
the industry’s most notable financiers. With junior resource
equities valued at generational lows, management believes the
sector is on the cusp of a major bull market move. Palisades is
positioning itself with significant stakes in undervalued companies
and assets with the goal of generating superior returns.
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 release. This news release may contain
forward-looking statements. These statements are based on current
expectations and assumptions that are subject to risks and
uncertainties. Actual results could differ materially because of
factors discussed in the management discussion and analysis section
of our interim and most recent annual financial statement or other
reports and filings with the TSX Venture Exchange and applicable
Canadian securities regulations. We do not assume any obligation to
update any forward-looking statements, except as required by
applicable laws.
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