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  • South Star Battery Metals (STS) has announced an increase to its non-brokered private placement of units to raise approximately $2,300,000
  • The increased offering will consist of 20,909,091 units priced at $0.11 per unit
  • The placement is subject to a 15 per cent over-allotment option and an acceleration clause
  • South Star Battery Metals Corp. is a Canadian battery-metals project developer
  • South Star Battery Metals Corp. (STS) is unchanged, trading at C$0.175 per share at 1 pm ET

South Star Battery Metals (STS) has announced an increase to its non-brokered private placement of units to raise approximately $2,300,000.

The increased offering is to accommodate an additional institutional investor. 

The increased offering will consist of 20,909,091 units priced at $0.11 per unit. Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder to purchase one additional common share at an exercise price of $0.15 per common share for a period of three years from the date of issue.

The securities will be subject to a four-month hold period.

The closing of the offering is subject to the approval of the TSX Venture Exchange.

The placement is subject to a 15 per cent over-allotment option and an acceleration clause.

The company may pay finders’ fees or brokers’ warrants to eligible third parties.

Net proceeds will be used for advanced materials sample preparation, commercial agreements, project finance and general working capital requirements for the Company.

If during a period of ten consecutive trading days following the closing of the private placement and the expiry of the warrants the daily volume-weighted average trading price of the common shares on the TSXV exceeds $0.50, the company may give written notice to the warrant holders that the warrants will expire at 4:00 p.m. PST on the 30th day following the notification. Upon receipt of an acceleration notice, warrant holders will have 30 days to exercise their warrants.

South Star Battery Metals Corp. is a Canadian battery-metals project developer focused on the selective acquisition and development of near-term production projects in the Americas. 

South Star Battery Metals Corp. (STS) is unchanged, trading at C$0.175 per share at 1 pm ET.

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