Mr. Vince Sorace reports
DESERT STAR ANNOUNCES CLOSING OF PLACEMENT OF CONVERTIBLE SECURITIES
Desert Star Resources Ltd. has closed its non-brokered private placement of convertible securities of the company for gross proceeds of $150,000. The private placement was previously announced on Feb. 16, 2017. The convertible notes bear interest at the rate of 10 per cent per year and have a maturity date of Feb. 23, 2018. The lenders may convert at any time all or a portion of the principal into units of the company at a price of 11 cents per unit. Each underlying unit consists of one common share of the company and one transferable common share purchase warrant. Each underlying warrant is exercisable into one common share in the capital of the company for a period of 18 months from the date of issuance, at an exercise price of 20 cents per warrant share. The convertible notes are subject to a four-month hold period. No insiders participated in this portion of the private placement.
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