Heliostar Announces $6M Financing with Eric Sprott

Core Viewpoint - Heliostar Metals Ltd. is conducting a non-brokered private placement to raise $6,000,000 through the issuance of 10,000,000 units at a price of$0.60 per unit [1][2]. Group 1: Private Placement Details - Each unit consists of one common share and one-half of a non-transferable common share purchase warrant, with each whole warrant allowing the purchase of an additional common share at an exercise price of $0.90 for 24 months [2]. - The private placement is expected to close on or about October 11, 2024, pending necessary approvals, including from the TSX Venture Exchange [3]. - 2176423 Ontario Ltd., controlled by Mr. Eric Sprott, intends to subscribe for the entire private placement [3]. Group 2: Use of Proceeds - The net proceeds from the private placement will be used for working capital and general corporate purposes [4]. Group 3: Company Overview - Heliostar aims to grow into a mid-tier gold producer, focusing on the development of the 100% owned Ana Paula Project in Guerrero, Mexico, and has recently entered into an agreement to acquire additional production and development assets in Mexico [6].