Proceeds earmarked for research and development and corporate overhead
By Devika Patel
Knoxville, Tenn., Jan. 28 – Star Navigation Systems Group Ltd. said it will conduct a C$1 million non-brokered private placement of units. The deal is being done under a waiver granted by the TSX Venture Exchange. The waiver requires that the offering raise at least C$882,000.
The company will sell 33,333,333 units of one common share and one warrant at C$0.03 per unit. Each three-year warrant is exercisable at C$0.07, which is a 133.33% premium to the Jan. 27 closing share price of C$0.03.
Proceeds will be used for research and development and corporate overhead purposes.
Toronto-based Star Navigation is focused on providing aerospace hardware and software platforms. It has developed TerraStart, a proprietary, patented in-flight safety monitoring system.
| Issuer: | Star Navigation Systems Group Ltd.
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| Issue: | Units of one common share and one warrant
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| Amount: | C$1 million
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| Units: | 33,333,333
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| Price: | C$0.03
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| Warrants: | One warrant per unit
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| Warrant expiration: | Three years
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| Warrant strike price: | C$0.07
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| Agent: | Non-brokered
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| Pricing date: | Jan. 28
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| Stock symbol: | TSX Venture: SNA
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| Stock price: | C$0.03 at close Jan. 27
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| Market capitalization: | C$7.15 million
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