Star Navigation Announces Completion of Private Placement
15 Aprile 2014 - 11:00PM
Marketwired
Star Navigation Announces Completion of Private Placement
TORONTO, ONTARIO--(Marketwired - Apr 15, 2014) - Star Navigation
Systems Group Ltd. (TSX-VENTURE:SNA) ("Star" or the "Company") is
pleased to announce that, subject to TSX-Venture Exchange ("TSX-V")
acceptance, Star has completed a non-brokered private placement of
27,959,933 units of the Company at a price per Unit of $0.06 (the
"Units"), for gross proceeds totaling $1,677,596.00. The price was
reserved with the TSX-V.
Each Unit consists of one common share and one common share
purchase warrant (a "Warrant"). Each Warrant entitles the holder to
purchase one common share of the Company (a "Warrant Share") at a
price of $0.15 per Warrant Share for a term of 24 months from the
closing date. Finder's fees on the placement in the amount of
$167,759.00 will be paid in Units.
All securities issued in the Offering and any shares issued upon
exercise of Warrants are subject to a four month statutory hold
period from the date of issuance. The net proceeds of the placement
will be used for research and development, marketing and general
working capital purposes.
About Star Navigation:
Star Navigation Systems Group Ltd. owns the exclusive worldwide
license to its proprietary, patented In-flight Safety Monitoring
System, STAR-ISMS®, the heart of the STAR-A.D.S. ™ System. It is
the first system in the world to feature in-flight data-analysis,
monitoring and diagnostics with a real-time connection between
aircraft and ground. Its real-time capability of tracking
performance trends and predicting incident-occurrence enhances
aviation safety and improves fleet management while reducing costs
for the operator.
Certain statements contained in this News Release constitute
forward-looking statements. When used in this document, the words
"may", "would", "could", "will" and similar expressions, as they
relate to Star or its management are intended to identify
forward-looking statements. Such statements reflect Star's current
views with respect to future events and are subject to certain
risks, uncertainties and assumptions. Many factors could cause
Star's actual performance or achievements to vary from those
described herein. Should one or more of these factors or
uncertainties materialize, or should assumptions underlying
forward-looking statements prove incorrect, actual results may vary
materially from those described herein as intended, planned,
anticipated, believed, estimated or expected. Star does not assume
any obligation to update these forward-looking statements, except
as required by law.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of the content of this release.
Star Navigation Systems Group Ltd.Viraf KapadiaCEO(416) 252-2889
Ext.
230viraf.kapadia@star-navigation.comwww.star-navigation.comInvestor
Relations:Frontier Merchant Capital Groupinfo@frontiermcg.comPublic
Relations & Media interviews:Nelson HudesHudes Communications
International(905) 660-9155nelson@hudescommunications.com
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