Heliostar Announces Warrant Incentive Program
1090 West Georgia Street, Suite 700, Vancouver BC, V6E 3V7, Canada -- Tel +1 236 429 9306
www.heliostarmetals.com | Trading Symbols: TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG1
Heliostar Announces Warrant Incentive Program
Vancouver, Canada, November 14, 2023 – Heliostar Metals Ltd. (TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG1)
(“Heliostar” or the “ Company”) is pleased to announce a warrant exercise incentive program (the
“Incentive Program ”) designed to encourage the early exercise of up to 46,363,630 common share
purchase warrants issued on March 16, 2023 (the “Outstanding Warrants”).
Pursuant to the Incentive Program, the Company will offer holders of all 46,363,630 Outstanding Warrants
the opportunity to exercise each of their Outstanding Warrants between 12:00 a.m. Pacific Standard Time
(“PST”) on November 17, 2023 and 12:00 p.m. PST on December 8, 2023. In return for the early exercise,
each holder will receive one common share in the capital of the Company (each a “ Common Share”)
pursuant to the original warrant terms, plus as an incentive, one -third of one common share purchase
warrant (each whole warrant, an “Incentive Warrant”). Each Incentive Warrant will allow the holder to
acquire one Common Share at an exercise price of $0. 40 for a period of two years following the date of
the issuance of the Incentive Warrant. A holder may elect to exercise all, none, or a portion of their
Outstanding Warrants.
Each Warrant is currently exercisable to purchase one Common Share at $0.30 per Common Share until
March 16, 2026. Any Outstanding Warrants remaining un-exercised after 12:00 p.m. PST on December 8,
2023 will remain outstanding and continue to be exercisable pursuant to their existing terms.
Holders of Outstanding Warrants who elect to participate in the Incentive Program will be required to
deliver the following to the Company on or prior to 12:00 p.m. PST on December 8, 2023:
• a duly completed and executed exercise form, in the form which accompanies the certificate
representing the Outstanding Warrants;
• the original certificate representing the Outstanding Warrants being exercised; and
• the applicable aggregate exercise price ($0.30 per Outstanding Warrant) payable to the Company
by way of certified cheque, money order, bank draft, or wire transfer in lawful money of Canada.
The proceeds from the early exercise of the Outstanding Warrants will be used to advance the Company’s
Ana Paula Project and for general working capital.
The Common Shares issued on exercise of the Outstanding Warrants will not be subject to any hold period.
The Incentive Warrants and any Common Shares issued upon the exercise of the Incentive Warrants will
be subject to a hold period expiring four months after the date of distribution of the Incentive Warrants.
The Incentive Program is subject to certain conditions, including, but not limited to, the receipt of all
necessary approvals, including the final approval of the TSXV.
About Heliostar Metals Ltd.
Heliostar is a junior mining company with a portfolio of high-grade gold projects in Mexico and Alaska.
The Company is focused on developing the 100% owned Ana Paula Project in Guerrero, Mexico. In
addition, Heliostar is working with the Mexican federal and local government to permit the San Antonio
TSX.V: HSTR
OTCQX: HSTXF
1090 West Georgia Street, Suite 700, Vancouver BC, V6E 3V7, Canada -- Tel +1 236 429 9306
www.heliostarmetals.com | Trading Symbols: TSX.V: HSTR, OTCQX: HSTXF, FRA: RGG1
Gold Project in Baja Sur, Mexico. The Company continues to explore the Unga Gold Project in Alaska,
United States of America.
The Ana Paula Project deposit contains proven and probable mineral reserves of 1,081,000 ounces of gold
(630,000 proven and 451,000 probable ounces) at 2.38 grams per tonne (“g/t”) gold and 2,547,000 ounces
of silver (1,322,000 proven and 1,226,000 probable ounces) at 5.61 g/t silver. Ana Paula hosts measured
and indicated resources of 1,468,800 ounces of gold (703,800 measured and 765,000 indicated ounces)
at 2.16 g/t gold and 3,600,000 ounces of silver (1,637,000 measured and 1,963,000 indicated ounces) at
5.3 g/t silver. The asset is permitted for open -pit mining and contains significant existing infrastructure
including a portal and a 412-metre-long decline.
For additional information, please contact:
Charles Funk
Chief Executive Officer
Heliostar Metals Limited
Email: [email protected]
Rob Grey
Investor Relations Manager
Heliostar Metals Limited
Email: [email protected]
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 press release contains statements which constitute “forward‐looking information” within the meaning of
applicable securities laws. Forward‐looking information is often identified by the words “may,” “would,” “could,”
“should,” “will,” “intend,” “plan, ” “anticipate,” “believe,” “estimate,” “expect” or similar expressions. Readers are
cautioned that forward‐looking information is not based on historical facts but instead reflects the Company’s
management’s expectations, estimates or projections concernin g the business of the Company’s future results or
events based on the opinions, assumptions and estimates of management considered reasonable at the date the
statements are made. Although the Company believes that the expectations reflected in such forward ‐looking
information are reasonable, such information involves risks and uncertainties, and undue reliance should not be
placed on such information, as unknown or unpredictable factors could have material adverse effects on future
results, performance or achievements. Among the key factors that could cause actual results to differ materially from
those projected in the forward‐looking information are the following: changes in general economic, business and
political conditions, including changes in the fina ncial markets; decreases in the prevailing prices for products in the
markets that the Company operates in; adverse changes in applicable laws or adverse changes in the application or
enforcement of current laws; regulations and enforcement priorities of g overnmental authorities; compliance with
government regulation and related costs; and other risks described in the Prospectus. Should one or more of these
risks or uncertainties materialize, or should assumptions underlying the forward‐looking information prove incorrect,
actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated
or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could
cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated
or intended. The Company does not intend, and does not assume any obligation, to update this forward‐looking
information except as otherwise required by applicable law.