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Heliostar Metals - CEO and Director, Charles Funk
CEO and Director, Charles Funk
Source: Heliostar Metals.
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  • Heliostar Metals (HSTR) has closed the second and final tranche of its non-brokered private placement offering for aggregate gross proceeds of $4,013,850.40
  • Heliostar issued a total of 5,734,072 units priced at $0.70
  • In the second tranche, the company paid finder’s fees of $139,387,54 in cash and 199,129 non-transferable broker warrants
  • Heliostar intends to use the net proceeds to advance its Alaskan and Mexican projects
  • Heliostar is an exploration and development company with a portfolio of high-grade gold projects in Alaska and Mexico
  • Heliostar Metals Ltd. (HSTR) opened trading at C$0.80 per share

Heliostar Metals (HSTR) has closed the second and final tranche of its non-brokered private placement offering for aggregate gross proceeds of $4,013,850.40.

The company issued 3,876,607 units in the second tranche at a price of $0.70 per unit for gross proceeds of $2,713,624.90. Combined with the first tranche of the previously announced offering, the company issued a total of 5,734,072 units. 

Heliostar CEO Charles Funk commented,

“Closing the offering for four million dollars puts Heliostar in a strong financial position. The funds raised will go directly to the company’s field programs in Mexico and Alaska. In Mexico the company is preparing for a maiden 2,500 to 3,000 metre drill program at Cumaro. This drill program will follow up on surface results highlighted by 5 metres at 10.3 gram per tonne (g/t) gold and 168 g/t silver at the Verde discovery. The new discoveries we have made at both Unga in Alaska and Cumaro in Mexico have set the company up for a catalyst rich end to this year and an aggressive 2022.”

Each unit consists of one common share and one half of one non-transferable common share purchase warrant. Each warrant is exercisable for one additional share at an exercise price of $1.20 for a period of 24 months.

In the second tranche of the offering, the company paid finders fees to four qualified finders, consisting of an aggregate amount of $139,387,54 in cash and 199,129 non-transferable broker warrants.

All shares and warrants issued are subject to a four-month and one-day restricted resale period expiring March 6, 2022.

Heliostar intends to use the net proceeds to advance its Alaskan and Mexican projects, focusing primarily on the proposed Cumaro drill program, as well as for working capital and general corporate purposes.

Heliostar is an exploration and development company with a portfolio of high-grade gold projects in Alaska and Mexico. The company’s flagship asset is the 100% controlled Unga Gold Project on Unga and Popof Islands in Alaska.

Heliostar Metals Ltd. (HSTR) opened trading at C$0.80 per share.

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