By Devika Patel
Knoxville, Tenn., May 16 - Star Navigation Systems Group Ltd. said it settled a C$1.26 million non-brokered private placement of units.
The company sold 7,883,038 units of one common share and one half-share warrant at C$0.16 per unit.
Each whole warrant will be exercisable at C$0.50 for one year.
Proceeds will be used for marketing and general working capital purposes.
Toronto-based Star Navigation provides an in-flight safety monitoring system for aircraft.
| Issuer: | Star Navigation Systems Group Ltd.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1,261,286.08
|
| Units: | 7,883,038
|
| Price: | C$0.16
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.50
|
| Agent: | Non-brokered
|
| Settlement date: | May 15
|
| Stock symbol: | TSX Venture: SNA
|
| Stock price: | C$0.16 at close May 15
|
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