STSBF - South Star Mining Announces Increased Non-Brokered Private Placement
(TheNewswire)
Toronto, ON – TheNewswire - February 4 ,2021 – South Star Mining Corp. ( ‘South Star ’ or ‘the Company’ ) (TSXV: STS ) (OTC:STSBF) today announces that due to investor demand, it intends toincrease the size of the non-brokered private placement of Units (the“Private Placement”) by C$200.000 to a total raise amount ofC$1,500,000.
The Private Placement will consist of 15,000,000 Unitspriced at C$0.10 per unit (the “Units”). Each Unit will consist ofone (1) common share and one (1) common share purchase warrant (the“Warrants”). Each Warrant will entitle the holder to purchase oneadditional common share of the Company at an exercise price of C$0.15per common share for a period of 3 years from the date of issue. Thesecurities will be subject to a four month hold period from the dateof closing and approval by the TSX Venture Exchange. For additionaldetails, please refer to the January 28, 2021 press release.
South Star Mining Corp. is focused on the selectiveacquisition and development of near-term mine production projects inBrazil to maximize shareholder value. STS has an experienced executiveteam with a strong history of discovering, developing, building andoperating profitable mines in Brazil.
The Santa Cruz Graphite Project is fully licensed forPhase 1 operations (5,000 tpy concentrate) and is located in SouthernBahia in the second largest graphite producing region in the worldwith over 80 years of continuous mining. The Project has at surfacemineralization in friable materials, and successful large-scale pilotplant testing (>30t) has been completed. The results of thetesting show approximately 65% of Cg concentrate is +80 mesh with goodrecoveries and 95-99% Cg. With excellentinfrastructure and logistics, South Star is carrying its developmentplan towards Phase 1 production projected in Q2 2022, pendingfinancing.
This news release has been reviewedand approved by Richard Pearce, P.E., a "Qualified Person"under National Instrument 43-101 and President and CEO of South StarMining.
To learn more, please visit the Company website at http://www.southstarmining.ca .
On behalf of the Board,
Mr. Richard Pearce
Chief Executive Officer
For additional information, pleasecontact:
CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x231
Email: cathy@chfir.com
Mr. Dave McMillan
Chairman
Email: davemc@telus.net
CAUTIONARY STATEMENT
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this press release.
Forward-Looking Information
The information contained hereincontains "forward-looking statements" within the meaning ofapplicable securities legislation. Forward-looking statements relateto information that is based on assumptions of management, forecastsof future results, and estimates of amounts not yet determinable. Anystatements that express predictions, expectations, beliefs, plans,projections, objectives, assumptions or future events or performanceare not statements of historical fact and may be "forward-lookingstatements."
Forward-looking statements aresubject to a variety of risks and uncertainties which could causeactual events or results to differ from those reflected in theforward-looking statements, including, without limitation: risksrelated to failure to obtain adequate financing on a timely basis andon acceptable terms; risks related to the outcome of legalproceedings; political and regulatory risks associated with mining andexploration; risks related to the maintenance of stock exchangelistings; risks related to environmental regulation and liability; thepotential for delays in exploration or development activities or thecompletion of feasibility studies; the uncertainty of profitability;risks and uncertainties relating to the interpretation of drillresults, the geology, grade and continuity of mineral deposits; risksrelated to the inherent uncertainty of production and cost estimatesand the potential for unexpected costs and expenses; results ofprefeasibility and feasibility studies, and the possibility thatfuture exploration, development or mining results will not beconsistent with the Company's expectations; risks related to goldprice and other commodity price fluctuations; and other risks anduncertainties related to the Company's prospects, properties andbusiness detailed elsewhere in the Company's disclosure record. Shouldone or more of these risks and uncertainties materialize, or shouldunderlying assumptions prove incorrect, actual results may varymaterially from those described in forward-looking statements.Investors are cautioned against attributing undue certainty toforward-looking statements. These forward-looking statements are madeas of the date hereof and the Company does not assume any obligationto update or revise them to reflect new events or circumstances.Actual events or results could differ materially from the Company'sexpectations or projections.
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