Eagle Star Minerals Closes Highly Oversubscribed Private Placement
04.02.2013 | Marketwired
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In addition, the company is pleased to announce that due to increased demand by strategic investors, management and employees, it has decided to oversubscribe the private placement by 2,750,000 units for total gross proceeds of $1,750,000 or 8,750,000 units.
Closing of this offering is subject to TSX Venture approval. The securities in connection with the offering are subject to a 4-month hold period that expires June 5th, 2013. A total of $121,600 and 608,000 warrants exercisable at thirty cents for a period of 18 months were paid as a finder's fee in connection with this financing.
Use of Proceeds
The proceeds from the concurrent financing will be used towards contracting a geological firm to assist with delineating an NI 43-101 resource report on the south east portion of the high-grade Bomfim Hill target, one of six high grade targets outlined as part of a detailed mapping program. In parallel, with the additional funds raised Eagle Star plans to further chemical and metallurgical tests on ore at its Canabrava Block within the Ruth Agro-mineral Project. During 2013, Eagle Star will be focused on initial resource estimation at Bomfim, determination of production routes for both The Bomfim and Ruth and development of production infrastructure on at least one of these projects.
About the Company
Eagle Star Minerals Corp. is a publicly listed company focused on the acquisition, exploration and development of agro-mineral properties in Brazil. Over the past two years, Eagle Star Minerals has strategically grown its' presence in Brazil and continues to focus on maximizing shareholder value by acquiring assets located in geological areas known for proven phosphate mineralization, coupled with good logistics in close proximity to agriculture.
The Company's shares are publicly traded on the TSX Venture Exchange under the symbol EGE, on the OTC Pink Sheets under the symbol ELGSF and on Frankfurt Stock Exchange under the symbol E6R.
On behalf of the Board of Directors, EAGLE STAR MINERALS CORP.
Eran Friedlander
President
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.
Contacts
Eagle Star Minerals Corp.
Patrick Brandreth, Senior Manager, Corporate Development
1-604-282-7157
patrick@eaglestarminerals.com