03:53:30 EDT Fri 26 Apr 2024
Enter Symbol
or Name
USA
CA



Astar Minerals Ltd
Symbol TAR
Shares Issued 20,255,334
Close 2017-07-10 C$ 0.35
Market Cap C$ 7,089,367
Recent Sedar Documents

Astar Minerals, FinCanna revise financing terms

2017-09-19 09:07 ET - News Release

Mr. Andriyko Herchak of FinCanna reports

FINCANNA CAPITAL CORP. AND ASTAR MINERALS LTD. ANNOUNCE FINANCING UPDATE

FinCanna Capital Corp., a royalty company for licensed medical cannabis, and Astar Minerals Ltd. have provided an update to the terms of the non-brokered subscription receipt financing for gross proceeds of up to $10-million announced on July 13, 2017, and the brokered subscription receipt financing for gross proceeds of up to $10-million announced on July 19, 2017.

In each of the financings, FinCanna will issue subscription receipts at a price of 50 cents per subscription receipt. Each subscription receipt issued in connection with the financings will be automatically converted, immediately before the completion of the acquisition of FinCanna by Astar by way of a plan of arrangement, as announced on July 13, 2017, into one common share of FinCanna without further payment or action on the part of the holder upon satisfaction of the escrow release conditions, which include, amongst other things, that all conditions precedent to the completion of the transaction, other than the release of the escrowed funds raised pursuant to the financings, shall have been satisfied, including the receipt of all governmental, stock exchange and shareholder approvals. In addition, the terms of the financings have been revised such that, upon conversion, holders of the subscription receipts will also receive one-half of a common share purchase warrant with an exercise price of 75 cents per common share exercisable for a period of two years.

Astar is a reporting issuer in the provinces of British Columbia, Ontario and Alberta and its common shares are currently listed on the TSX Venture Exchange under the symbol TAR.

Pursuant to the terms of the transaction, the common shares of FinCanna will be exchanged for common shares of Astar, as the resulting issuer upon completion of the transaction, on a one-for-one basis and the resulting issuer's common shares shall be listed and posted for trading on the Canadian Securities Exchange. Each warrant will become exercisable to acquire one common share of the resulting issuer at the exercise price of 75 cents.

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