TORONTO, Sept. 06, 2019 (GLOBE NEWSWIRE) -- Star Navigation Systems Group Ltd. (CSE:SNA) (SNA.CN) (SNAVF) ("Star” or the “Company”) announces that it has closed the first tranche of a non-brokered private placement, having issued 3,146,667 units of the Company (the "Units") at a price per Unit of $0.0375 for gross proceeds of $118,000. Each Unit consists of one common share in the capital of the Company and one warrant. Each of the warrants acquired entitles the holder to purchase one (1) additional common share of the Corporation at five ($0.05) cents per warrant exercised. The warrants are exercisable during the two (2) year period from the date of issue.
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 corporate overhead. Star has agreed to pay finder's fees in the amount of Five (5%) percent of gross proceeds in Units and Five (5%) percent of gross proceeds in cash. The price was reserved with the CSE.
The Company may complete a further closing of this non-brokered private placement on or before October 15, 2019 subject to CSE approval.
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. ® and of the STAR-ISAMM™ Systems. 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.
Stars’ M.M.I. Division designs and manufactures high performance, mission critical, flight deck flat panel displays for defence and commercial aviation industries worldwide. These displays are found on aircraft and simulators, from C-130 aircraft, to Sikorsky and Agusta Westland helicopters, as examples.
Stars’ subsidiary, Star-Isoneo Inc. is a specialised software firm, developing complex solutions in engineering, simulation and development for Canadian customers. Star-Isoneo works closely with Star in the development of the Company’s MEDEVAC (STAR-ISAMM™ and STAR- LSAMM™) applications of the patented STAR-A.D.S. ® technology, and on its current R&D program with Bombardier.
Certain statements contained in this News Release constitute forward-looking statements. When used in this document, the words “may”, “would”, “could”, “will”, “expected” 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 the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of the content of this release.
Please visit www.star-navigation.com or contact
Viraf S. Kapadia, CEO of STAR at 416 252-2889 # 230