Goldstar closes third and final tranche of private placement


NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES

MONTREAL, Aug. 15, 2019 (GLOBE NEWSWIRE) -- Goldstar Minerals Inc. (“Goldstar” or the “Corporation”) (TSX-V: GDM) is pleased to announce that it has completed the third and final tranche of its previously announced non-brokered private placement (see press releases dated June 10, 2019, June 20, 2019, and July 24, 2019) by issuing 2,000,000 additional units (the “Units”) and 2,000,000 additional flow-through shares (the “Flow-Through Shares”), both at $0.05 each, for aggregate gross proceeds of $200,000. The Corporation has raised aggregate gross proceeds of $855,000 under this financing.

Each Unit consists of one common share in the capital of the Corporation (a “Common Share”) and one transferable common share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder thereof to purchase one additional common share of the Corporation at an exercise price of $0.05 per share until February 14, 2021.

Each Flow-Through Share consists of one common share of the Corporation issued as a “flow-through share” as defined in the Income Tax Act (Canada).

The Common Shares, the Warrants and the Flow-Through Shares issued under this third and final tranche are subject to a four month hold period.

An insider of the Corporation subscribed for 1,000,000 Units in this tranche for a subscription price of $50,000.

The Corporation will use the proceeds raised from the issue of the Flow-Through Shares to incur Canadian exploration expenses on its properties.

For further information, please contact:

Benoit Moreau
President and Chief Executive Officer
Telephone: 514-591-8058
bmoreau@goldstarminerals.com

François Perron
Vice-President of Corporate Development
Telephone: 416-312-4811
fperron@goldstarminerals.com


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 this release. This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.