Mr. Marc Branson reports
DARK STAR ANNOUNCES ACQUISITION OF HUNGERSITE MINERALS INC. AND
STRENGTHENS MINERAL PORTFOLIO
Dark Star Minerals Inc., further to its news release dated June 27, 2023, has closed its acquisition of Hungersite Minerals Inc., a private arm's-length Ontario corporaation, pursuant to the terms of a share exchange agreement dated June 27, 2023, among the company, Hungersite and the shareholders of Hungersite, in exchange for, on a pro rata basis, cash consideration of $20,000 and 4.8 million common shares in the capital of the company. Marc Branson, president, chief executive officer and a director of Dark Star, stated, "We are excited to expand our land package at our flagship Logan [rare earth element] property."
About Hungersite Minerals Inc. and the property
Hungersite, a company existing under the laws of Ontario, is the recorded and beneficial holder of 24 unpatented mining claims known as the Groupe A mining claims, which are filed with the Quebec Minister of Natural Resources and Forests. The property is situated within the region of d'Eeyou Istchee Baie-James in the province of Quebec, with certain of the claims adjacent to the company's flagship Logan REE property located in Northern Quebec, Canada.
For more information on the Logan REE property, see the report titled "National Instrument 43-101 Technical Report on the Logan Property, Baie James Area, Quebec, Canada," effective dated Aug. 15, 2022, filed under Dark Star's profile on SEDAR.
Summary of the transaction
Pursuant to the terms of the share purchase agreement, the company acquired all of the common shares in the capital of Hungersite from the Hungersite shareholders in exchange for, on a pro rata basis: (i) an aggregate of 4.8 million consideration shares at a deemed price of five cents per consideration share; and (ii) cash consideration of $20,000. Upon Closing, Hungersite became a wholly owned subsidiary of the company.
Following the closing of the transaction, the company has 29,518,102 common shares issued and outstanding, of which approximately 83.74 per cent of the common shares are held by the current shareholders of the company and approximately 16.26 per cent are held by the former Hungersite shareholders.
About Dark Star Minerals Inc.
Dark Star Minerals is a mineral exploration company focused on the acquisition and development of critical mineral resources, specifically the rare earth complex.
We seek Safe Harbor.
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