Megastar Arranges Financing
June 03 2011 - 3:15PM
Marketwired
Megastar Development Corporation ("Megastar", the "Company" or
"MDV") (TSX VENTURE: MDV)(FRANKFURT: M5Q) is pleased to announce
that it has arranged a financing of up to $1,005,000 by way of a
non-brokered private placement offering (the "Offering").
The Offering consists of the issuance of approximately 7,000,000
units at $0.075 per unit (the "A Units") and approximately
4,000,000 units at $0.12 per unit (the "B Units"). Each A Unit
consists of one common share (a "Share") and one share purchase
warrant (the "A Warrant"). Each A Warrant will entitle the holder
thereof to purchase one Share at a price of $0.10 per Share for a
period of 24 months. Each B Unit consists of one Share and one-half
of one share purchase warrant (the "B Warrant"). Each whole B
Warrant will entitle the holder thereof to purchase one Share at a
price of $0.18 per Share for a period of 24 months.
Finders' fees may be paid by the Company in conjunction with the
completion of the Private Placement in accordance with TSX Venture
Exchange policies.
Proceeds of the Offering will be used for general working
capital, including company's ongoing evaluation of possible
projects.
The Offering is subject to regulatory acceptance and final
documentation, and is scheduled to close on or about June 15,
2011.
ABOUT MEGASTAR DEVELOPMENT CORP.
Megastar Development Corp. is an emerging resource company
engaged in the acquisition, exploration and development of mineral
properties in Canada. Megastar owns mineral properties in Quebec
and British Columbia. For further information, investors and
shareholders are invited to visit the Company's website at
www.megastardevelopment.com or call the office at 604-683-6648.
ON BEHALF OF THE BOARD OF DIRECTORS
Dusan Berka, P. Eng., President & CEO
Neither the 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.
Contacts: Megastar Development Corp. Dusan Berka, P. Eng.
President & CEO (604) 683-6648 (604) 683-1350 (FAX)
www.megastardevelopment.com
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