CryptoStar Corp (TSXV: CSTR) late last night announced that it will be conducting a private placement. The financing will look to raise gross proceeds of $25.0 million, with much of the proceeds stated to come from institutional investors.
Under the terms of the offering, units are to be sold at a price of $0.30 per each, with each unit containing one common share and one common share purchase warrant. Each warrant is valid for a period of three and a half years from the date of issuance, and contains an exercise price of $0.40 per share. A total of 83.3 million units are to be sold under the offering.
Proceeds from the financing are to be used for the expansion of operations, to reduce current debt, for business operations, and general working capital purposes.
The financing is currently slated to close March 15, 2021.
CryptoStar Corp last traded at $0.435 on the TSX Venture.
Information for this briefing was found via Sedar and CryptoStar Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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