|By Marketwired .||
|October 15, 2013 09:19 PM EDT||
MONTREAL, QUEBEC -- (Marketwired) -- 10/16/13 -- Vanstar Mining Resources Inc. (TSX VENTURE:VSR) has completed a non-brokered private placement for the amount of $167,000.
Every one of the 167 units, offered at $1,000 each, consists of 1,000 common shares at $0.10 (80% flow-through share and 20% common share) and 500 subscription warrants for the acquisition of Vanstar common shares at $0.15 over a period of 12 months starting on the closing date of the placement. Thereof, 1,670,000 and 835,000 subscription warrants will be issued.
No commission had been paid and no Insider has participated in this private placement.
Vanstar will use the proceeds from the private placement for exploration work and working capital purposes. The securities issued under the private placement are subject to a resale restriction period of four months and one day.
The private placement is subject to regulatory approval.
Source: Guy Morissette, CEO