Urastar Announces $5 Million Financing
February 01 2011 - 10:28PM
Marketwired
Urastar Energy Inc.(TSX VENTURE: URS) (the "Company") has launched
an equity financing and intends to complete a private placement for
the sale of up to 12,500,000 units at a cost of $0.40 per unit for
a total of $5,000,000, where each unit consists of one common share
of the Company and one share purchase warrant having a five year
term for the purchase of one common share of the Company at the
exercise price of $0.75 per share.
The Company shall use the proceeds of the offering for
exploration costs on its projects in Mexico and for general working
capital. This private placement is subject to the approval by the
TSX Venture Exchange.
A finder's fee of a combination of cash, shares and/or warrants
will be paid to eligible finders in relation to this financing, all
in accordance with regulatory policies.
The Company has granted 1,800,000 stock options to directors,
officers and consultants of the Company. The stock options are
exercisable at $0.50 for a period of five years from February 1,
2011 and will expire on January 31, 2016.
For further details on the Company please go to
www.urastarenergy.com.
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.
Contacts: Urastar Energy Inc. John Morita CFO and Director
604-682-2928 Launch IR Matt Harrington 613-882-7467
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