Glenstar Ventures Inc. Completes Initial Public Offering
July 25, 2024 – Vancouver, British Columbia. Glenstar Ventures Inc. (“Glenstar”) (CSE: GSTR) is pleased to announce that, it successfully completed its initial public offering (the “IPO”) of 6,667,500 units (each a “Unit”) of Glenstar at a price of $0.15 per Unit for total gross proceeds of $1,000,125 (the “Proceeds”). Each Unit consist of one common share (each a “Common Share”) and one half of one whole share purchase warrant (each whole warrant a “Warrant”). Each Warrant entitles the holder to purchase one Common Share at a price of $0.20 per Common Share until July 25, 2026.
Pursuant to the agency agreement dated May 1, 2024, Leede Financial Inc. acted as agent (the “Agent”) for the IPO. Glenstar paid to the Agent a cash commission equal to 8% of the Proceeds and granted the Agent and its sub agents non-transferable warrants entitling the Agent and its sub agents to purchase a total of 533,400 Common Shares at a price of $0.15 per Common Share until July 25, 2026. In connection with the IPO, the Agent also received a corporate finance fee.
Glenstar’s common shares were listed on the Canadian Securities Exchange (“CSE”) effective July 24, 2024, with its common shares anticipated to commence trading on the CSE on July 26, 2024 under the symbol “GSTR”.
About Glenstar
Glenstar Ventures Inc. is engaged in the acquisition and exploration of mineral properties. Glenstar currently has acquired a one hundred percent (100%) undivided interest in the Green Monster Property. The Green Monster Property is comprised of 35 lode claims covering approximately 700 acres located in Clark County, Nevada.
The Proceeds will be used by Glenstar to fund its exploration program on the Green Monster Property and for general working capital purposes.
Forward Looking Information
Information set forth in this press release contains forward-looking statements relating to the use of proceeds, are made as of July 25, 2024 and are based on assumptions as of that date. These statements reflect management’s current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. Glenstar cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Glenstar’s control. Such factors include, among other things: risks and uncertainties relating to exploration and development; the ability of Glenstar to obtain additional financing; Glenstar’s limited operating history; the need to comply with environmental and governmental regulations; potential defects in title to Glenstar’s Property, fluctuations in currency exchange rates; fluctuations in the prices of commodities; operating hazards and risks; competition and other risks and uncertainties, including those described in Glenstar’s prospectus dated May 1, 2024 filed with the Canadian Securities Administrators and available on www.sedarplus.ca. Accordingly, actual and future events, conditions and results may differ materially form the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Glenstar undertakes no obligation to publicly update or revise forward-looking information.
On behalf of the Board of Directors
David K. Ryan CEO 604-916-7945