LA PRAIRIE, QUEBEC--(Marketwired - Dec 23, 2015) - Vanstar Mining Resources Inc. (the "Company")(TSX VENTURE:VSR) announces that it has completed a $130,000 non-brokered financing.
The Company issued 130 Flow-Through units (the "FT Units") at a purchase price of $1,000 per FT Unit, for an amount of $130,000. Each FT Unit consists of 20,000 flow-through common shares at a price of $0.05 per share and 10,000 common share purchase warrants. Each warrant allows the holder to purchase one additional common share of the Company for a period of 12 months from the date of issuance, at a purchase price of $0.055 per share.
The funds raised will constitute flow-through mining expenditure as described in subsection 127(9) of the Income Tax Act (Canada); and will qualify for inclusion in both: the exploration base relating to certain Quebec exploration expenses, and the exploration base relating to certain Quebec surface mining exploration expenses as these terms are defined in the Taxation Act (Quebec).
A cash commission of $7,500 (6%) was paid as part of this financing and 150,000 Finder's Warrants were issued. Each Finder's Warrant allows the holder to buy one additional common share of Vanstar at a price of $0.05, valid for 18 months.
The securities issued as part of this financing are subject to a minimum hold period until April 23, 2016 and are subject to the approval of the TSX Venture exchange.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact
Guy Morissette CEO 819-763-5096 gmvanstar@gmail.com www.vanstarmining.com
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