Star Navigation Systems Group Ltd. announced a non-brokered private placement to issue units on October 5, 2022. Each unit consists of one common share in the capital of the company and one share purchase warrant. Each of the warrants acquired entitles the holder to purchase one additional common share of the company at CAD 0.05 per warrant exercised. The warrants are exercisable during the one year period from the date of issue. All securities issued in the offering and any shares issued upon exercise of warrants are subject to a four-month statutory hold period from the date of issuance. The company has agreed to pay finder's fees in the amount of 10% of the gross proceeds in cash.
On the same day, the company issued 34,042,857 units at an issue price of CAD 0.021 per unit for gross proceeds of CAD 714,900 in its first tranche.