Units sold at C$0.10 each to fund exploration, working capital
By Devika Patel
Knoxville, Tenn., March 21 - Megastar Development Corp. said it has arranged a C$1.1 million non-brokered private placement of units.
The company will sell 11 million units of one common share and one warrant at C$0.10 per unit. The warrants are each exercisable at C$0.135 for two years.
The warrant strike price is a 28.57% premium to the March 20 closing share price of C$0.105.
Proceeds will be used for exploration programs on the company's project in Quebec, evaluation of possible projects and for general working capital.
Megastar is a resource company based in Vancouver, B.C.
| Issuer: | Megastar Development Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.1 million
|
| Units: | 11 million
|
| Price: | C$0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.135
|
| Agent: | Non-brokered
|
| Pricing date: | March 21
|
| Stock symbol: | TSX Venture: MDV
|
| Stock price: | C$0.105 at close March 20
|
| Market capitalization: | C$1.87 million
|
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