In-flight safety specialists Star Navigation Systems has closed the first tranche of a non-brokered private placement, having issued 3.146 million units of the company at a price per unit of $0.0375 for gross proceeds of $118,000.
All securities issued in the offering and any shares issued upon exercise of warrants are subject to a four-month statutory hold period from the date of issuance.
The net proceeds of the placement will be used for research and development, marketing and corporate overhead.
Star has agreed to pay finder's fees in the amount of 5% of gross proceeds in units and 5% of gross proceeds in cash. The price was reserved with the CSE.
The company may complete a further closing of this non-brokered private placement on or before October 15, subject to CSE approval.