Desert Star Announces Closing of Placement of Convertible Securities
Desert Star Resources |717– 1030 West Georgia Street |Vancouver, British Columbia |Canada| V6E 2Y3|Telephone: (604) 628-5623| Facsimile: (604) 647-6613 |www.desertstar.ca
TSX-V: DSR February 23, 2017 For Immediate Release
Desert Star Announces Closing of Placement of Convertible Securities
VANCOUVER, B.C. – February 23, 2017 – Desert Star Resources Ltd. (“Desert Star” or the “Company”) is pleased to announce that today it has closed its non-brokered private placement of convertible securities of the Company (the “Private Placement”) for gross proceeds of $150,000. The Private Placement was previously announced on February 16, 2017. The convertible notes bear interest at the rate of 10% per year and have a maturity date of February 23, 2018. The lenders may convert at any time, all or a portion of the principal into units of the Company at a price of $0.11 per unit (each a “Unit”). Each underlying Unit consists of one common share of the Company and one transferable common share purchase warrant (“Warrants”). Each underlying Warrant is exercisable into one common share in the capital of the Company (“Warrant Share”) for a period of 18 months from the date of issuance, at an exercise price of $0.20 per Warrant Share. The convertible notes are subject to a four month hold period. No insiders participated in this portion of the Private Placement.
On behalf of the Board of
DESERT STAR RESOURCES LTD.
“Vince Sorace”
Vince Sorace President and CEO, Desert Star Resources Ltd.
For further information regarding Desert Star, please email [email protected] or visit our website at www.desertstar.ca.
Neither the 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.