Heliostar Announces Increase to Previously-Announced Private Placement to Up to $7 Million
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VANCOUVER, British Columbia, June 30, 2023 (GLOBE NEWSWIRE) — Heliostar Metals Ltd. (TSXV:HSTR) (the “Company”) is pleased to announce today that it has agreed with Clarus Securities Inc. (“Clarus”), as lead agent, on behalf of a syndicate of agents including PI Financial Corp. and Roth Canada, Inc. (collectively, the “Agents”), to increase the size of its previously announced $5,000,000 “best efforts” private placement offering being made pursuant to the listed issuer financing exemption (the “Listed Issuer Financing Exemption”) under Part 5A of National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”). Pursuant to the upsized deal terms, the Agents have agreed to sell, on a “best efforts” private placement basis, up to 14,324,324 units of the Company (the “Units”) to be priced at $0.37 per Unit (the “Brokered Offering”) for gross proceeds of up to $5,300,000, being the maximum amount permissible under the Listed Issuer Financing Exemption. Each Unit is comprised of one common share in the capital of the Company (“Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder thereof to purchase one Common Share for a period of 18 months following the Closing Date (as defined below), at an exercise price of $0.50 for a period of six months following the Closing Date, after which time the exercise price will increase to $0.70 for the remaining term of the Warrant.