Urastar Closes $5 Million Equity Financing to Fund Mexican Gold Projects
March 11 2011 - 12:34PM
Marketwired
Urastar Energy Inc. (the "Company") (TSX VENTURE: URS)(FRANKFURT:
3U3)(WKN: A1JFEE) has closed its non-brokered private placement
equity financing in the amount of $5,000,000 by issuance of
12,500,000 common shares and share purchase warrants exerciseable
at a price of $0.75 for a period of five years; all subject to a
four month hold period. Finder fees of $82,960 and 107,400 finder
warrants were paid on certain orders to Canaccord Genuity Corp.,
Wellington West Capital Inc. and Jennings Capital Inc. The 107
placees include high net worth investors and gold-silver mining
funds.
The funds are to be used to develop its recently acquired Gold
projects in Sonora Mexico including the former Jabali Gold Mine and
the El Antimonio Gold Project. Exploratory programs are currently
being developed including drill testing and resource
estimation.
Bill Reed, Director and co-founder of Paramount Gold and Silver
Corp. (NYSE: PZG) commented, "We are very excited to have quickly
raised these significant funds to drill test the numerous targets
at our new Mexican Gold and Silver Projects located in the Sierra
Madres. Both projects are near existing mines and infrastructure
and have significant near term resource potential."
Kyle McClay has tendered his resignation as a director and
officer of the Company. The Company has issued 150,000 stock
options to consultants exerciseable at a price of $0.75 for a
period of 4 years.
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 press release.
Contacts: Urastar Energy Inc. John Morita, CFO 604-682-2928
Launch IR Matthew Harrington 613-882-7467
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