South Star Battery Metals Closes First Tranche of Private Placement

South Star Battery Metals Corp., based in Vancouver, has successfully closed the initial tranche of its non-brokered private placement, raising US$808,022.55. The proceeds will support exploration, development, production, corporate needs, and working capital. This tranche involved issuing 1,879,121 units at US$0.43 each, including common shares and purchase warrants exercisable at US$0.89 within five years.

The units come with a four-month hold period, pending customary closing conditions and TSX Venture Exchange approval. Finder's fees for this placement included $30,744, 44,406 common shares, and 4,665 finder's warrants on similar terms.

Company insiders contributed $94,830.05, constituting a related party transaction. South Star relied on certain exemptions as the transaction didn't surpass 25% of market capitalization, thus avoiding formal valuation requirements.