South Star Announces Closing of Final Tranche of Private Placement and Announces AGSM Results

Core Viewpoint - South Star Battery Metals Corp. has successfully closed the third and final tranche of its non-brokered private placement, raising a total of C$6,672,000 (approximately US$4,800,000) through the Unit Offering, which will be used for exploration, development, and working capital [2][5]. AGSM Highlights - Shareholders approved all matters at the Annual General and Special Meeting (AGSM), including the closing of the third tranche of the Unit Offering [2][8]. - The third tranche involved the issuance of 22,744,253 units at a price of C$0.15 per unit, generating gross proceeds of C$3,411,638 (approximately US$2,454,416) [2][5]. Unit Offering Details - Each unit consists of one common share and one common share purchase warrant, with the warrant allowing the purchase of an additional share at C$0.20 for five years [3]. - The total gross proceeds from all tranches of the Unit Offering will be allocated to exploration and development activities, general and administrative expenses, and working capital [4]. Insider Participation - Mr. Tiago Cunha, the Interim CEO, purchased an additional 12,342,087 units in the third tranche, bringing his total ownership to 25,455,552 shares, representing 23.92% of the company's outstanding shares [6]. Finder's Fees - The company paid aggregate finder's fees of C$258,995 (approximately US$186,328) in cash and issued 1,987,722 shares as a finder's fee [7]. Company Overview - South Star Battery Metals Corp. is focused on developing battery-metals projects in the Americas, with its Santa Cruz Graphite Project in Brazil being the first to enter production [10]. - The BamaStar Project in Alabama is also in development, with strong economic results indicated by a pre-tax NPV8% of US$2.4 billion and an IRR of 35% [11].