Vancouver-based First Star Resources (CVE:FS), a junior mineral explorer, reported on Monday that it has completed its second and final tranche of its $1.2 million non-brokered private placement financing.
In the final tranche, the company sold 2 million units at a price of 15 cents each for a total of $0.3 million.
Each unit consists of one common share and one non-transferable common share purchase warrant, with each whole warrant giving the holder the right to acquire one common share for 20 cents until June 20, 2013.
The company has the right to accelerate the expiry date if the average trading price of common shares is equal to or exceeds 45 cents a share for a period of 10 days, First Star said in a statement.
The first tranche, which closed at the end of May, consisted of just over 6 million units for 15 cents each, for a total of 0.9 million.
The company said proceeds would be used for general working capital. First Star paid finders’ fees totalling $39,721.50 in cash in connection with the offering.
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