Vanstar Closes Private Financing of $1.1M
Jun 11, 2020
MONTRÉAL, June 11, 2020 — Vanstar Mining Resources Inc. announces that it has completed a flow-through Quebec private placement without a broker for an amount of $ 1,101,600. This private placement consists of 648,000 common shares of the company at a price of $ 1.70. A 6% commission will be paid to an unrelated third party as an intermediary.
“We are very pleased to have concluded this other financing deal. This will allow us to quickly begin exploration on our projects and to be able to verify, if necessary, by drilling the various targets defined by our preliminary work”, said the CEO of the company, Mr. Guy Morissette.
The money received will be used mainly for the development of the Amanda and Félix projects as well as for the Frida and Éva projects.
A helicopter airborne magnetic survey of approximately 800 kilometers with a spacing of 25 meters between the lines is also planned for June for the Félix project. A first team will also be visiting the project over the next few days in order to make a first prospective geological assessment of the land and check the possible accesses for the preparation of a drilling campaign planned for next summer.
Securities issued under this financing will be subject to a retention period of four months from the closing date. The terms of the offering are subject to acceptance by the TSX Venture Exchange.
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