Heliostar Metals Ltd. announced that it has entered into an agreement for a private placement on best efforts to issue of up to 13,513,513 units at an issue price of CAD 0.37 per unit for gross proceeds of up to CAD 4,999,999.81 on June 28, 2023. Each unit will be comprised of one common share and one-half of one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one common share for a period of 18 months following the closing date, at an exercise price of CAD 0.5 for a period of six months following the closing date, after which time the exercise price will increase to CAD 0.7 for the remaining term of the warrant.

The transaction is scheduled to close on or about July 11, 2023 and is subject to certain conditions, including but not limited to, the receipt of all necessary approvals including the conditional approval of the TSX Venture Exchange.