Eagle Star Minerals Corp. (CVE:EGE) plans to raise $750,000 through a non-brokered private placement financing, the company said late Friday.
exploration-stage company plans to sell 7.5 million units priced at 10
cent per share. Each unit will consist of one share and one full
Holders of full warrants can purchase an extra
share for 20 cents per share for a time frame of about 12 months,
following the closing date.
The Vancouver-based company said it
will use the proceeds toward developing its Brazilian phosphate
projects – Bomfim, Ruth and Samba.
The Bomfim Agro mineral
project, located in the new phosphate belt of Brazil, covers 30,922
hectares across four claims with all exploration licenses and permits in
Eagle Star has conducted preliminary mapping and
sampling work, and also plans to carry-out a scout drilling program of
up to 2,600 metres with a 50 metre depth sometime this September.
the Ruth Agro mineral projects six main concession blocks cover 133,221
hectares across about 76 phosphate bearing mineral claims.
Eagle Star plans to examine the characteristics of this land package to optimize recovery, beneficiation and separation.
mineralization occurs at surface it is important to complete this set
of tests prior to proving the extent of the package at depth and
laterally by way of drilling.
The company, however, is waiting
for official licenses for its Samba agro mineral project. Upon receipt,
Eagle Star plans to test for possible natural fertilizer material
identified across the property during the upcoming planting season.
Star, over the past two years, has boosted its presence in Brazil and
continues to concentrate on maximizing shareholder value by acquiring
proven phosphate mineralization assets.