Brampton, Ontario--(Newsfile Corp. - January 4, 2022) - Star Navigation Systems Group Ltd. (CSE: SNA) (CSE: SNA.CN) ("Star" or the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement of 68,166,667 units in the capital of the Company ("Units") at a purchase price of $0.003 per Unit for gross proceeds of $2,045,000. Each Unit consists of one common share in the capital of the Company and one warrant. Each of the warrants acquired entitles the holder to purchase one (1) additional common share of the Company at five ($0.05) cents per warrant exercised. The warrants are exercisable during the five (5) 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 net proceeds of the private placement will be used for working capital for further development of the operations, sales and marketing efforts surrounding the Star-A.D.S.® system.
The Company has agreed to pay finder's fees in the amount of Twelve (12%) percent of the gross proceeds in Units. The price was reserved with the CSE.
The Company has also successfully converted $2,803,470 of outstanding debt (the "Debt Conversion") into 112,138,800 units (the "Debt Conversion Units"). Each Debt Conversion Unit was issued at two and a half ($0.025) per Debt Conversion Unit and consists of one (1) common share of the Company and one (1) warrant. Each of the warrants acquired entitles the holder to purchase one (1) additional common share of the Company at five ($0.05) cents per warrant exercised. The warrants are exercisable during the five (5) 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.
Amir Bhatti, CEO of Star Navigation, states that, "The Company is now in a position to fulfil its mandate to secure sales and increase its brand awareness through a fulsome marketing effort of the Star-A.D.S.® system."
About Star Navigation:
Star Navigation Systems Group Ltd. has developed its proprietary, In-flight Safety Monitoring System, STAR-ISMS®, the heart of the STAR-A.D.S. ® System. The System's real-time capability of tracking performance trends and predicting incident-occurrence enhances aviation safety and improves fleet management while reducing costs for the operator.
Star's M.M.I. Division designs and manufactures high performance, mission critical, flight deck flat panel displays for defence and commercial aviation industries worldwide. These displays are found on aircraft and simulators, from P-3 Orion and C-130 aircraft, to Sikorsky and Agusta Westland helicopters, as examples.
Certain statements contained in this Release constitute forward-looking statements. When used in this document, the words "may", "would", "could", "will", "expected", "intend" and similar expressions, as they relate to Star or its management or board are intended to identify forward-looking statements. Such statements reflect Star's current views with respect to future events and are subject to certain risks, uncertainties and assumptions.
Many other factors could cause Star's actual performance or achievements to vary from those described herein. Should one or more of these factors or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.
Star does not assume any obligation to update these forward-looking statements, except as required by law.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of the content of this release.
Please visit www.star-navigation.com or contact
Mr. Amir Bhatti, CEO at 1-416-252-2889 #230
amir.bhatti@star-navigation.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/109076
