Finance & Investing | Fundraising | Capital Markets
Groundstar Wraps Up Financing to Fund E&P Activities
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Groundstar Resources Limited has closed its previously announced financing through the issuance of 4,440,000 common shares in the capital of the Company issued on a “flow-through” basis within the meaning of the Income Tax Act (Canada) at a price of $0.05 per Flow-Through Share by way of a non-brokered private placement for total gross proceeds of $222,000.
The Company paid cash finders’ fees totaling $12,040 in connection with the private placement and issued broker warrants exercisable into a total of 240,800 common shares in the capital of the Company for a period of 18 months from the closing date at an exercise price of $0.08 per share.
The Company expects to use the net proceeds from the Offering to further the exploration and development activities of its oil and gas properties. The proceeds received by the Company from the sale of the Flow-Through Shares are expected to be used to incur eligible Canadian Exploration Expenses which will be renounced in favour of subscribers for the 2015 taxation year.
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