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 support exploration and development activities [2][5]. Group 1: Unit Offering Details - 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]. - Each unit consists of one common share and one common share purchase warrant, with warrants allowing the purchase of additional shares at C$0.20 for five years [3]. - The total gross proceeds from all tranches of the Unit Offering will be allocated for exploration, development, general administrative expenses, and working capital [4]. Group 2: Shareholder Approval and Insider Participation - Shareholders approved all matters at the Annual General and Special Meeting, including the creation of a new control person, Tiago Sampaio Cunha, who purchased an additional 12,342,087 units in the third tranche [6][8]. - Following the third tranche closing, Mr. Tiago Cunha's funds control 25,455,552 shares, representing 23.92% of the company's issued shares [6]. Group 3: Financial and Operational Highlights - The company paid finder's fees totaling C$258,995 (approximately US$186,328) in cash and issued 1,987,722 shares as part of the Unit Offering [7]. - The Santa Cruz Graphite Project in Brazil is the first new graphite production in the Americas since 1996, with successful pilot-plant testing showing high recovery rates and quality [10]. - The BamaStar Project in Alabama has demonstrated strong economic results with a pre-tax NPV of US$2.4 billion and an IRR of 35% [11].