Starmet Ventures Announces First Tranche Closing Of Convertible Debenture Financing
VANCOUVER, BC, May 6, 2026 – TheNewswire - Starmet Ventures Inc. (CSE: STAR) (“Starmet” or the “Company”), is pleased to announce that, further to its March 25, 2026 news release, it has closed the first tranche of its non-brokered private placement (the “Offering”) of unsecured convertible debentures of the Company (each, a “Convertible Debenture”). The Company issued $2,250,000 of principal amount of Convertible Debentures.
The Convertible Debentures issued under the Offering bear interest at a rate of 10% per annum, calculated monthly and payable annually in cash or accrued for conversion at the Conversion Price (as defined below). The Convertible Debentures will mature on the earlier of: (a) May 6, 2028; or (b) the date the Company’s securities begin trading on the NASDAQ (the “Maturity Date”). The Company may elect to prepay all or a part of the principal amount and accrued interest without penalty if the Company’s securities begin trading on the NASDAQ, subject to the Company providing 14 days’ notice to the holders of the Convertible Debentures.
The outstanding principal amount owed under each Convertible Debenture may be converted into units of the Company (each, a “Unit”) at a conversion price of $0.35 per Unit (the “Conversion Price”) by the holder thereof at any time on or before the Maturity Date. Each Unit is comprised of one common share in the capital of the Company (each, a “Unit Share”) and one Unit Share purchase warrant (each, a “Unit Warrant”) exercisable at a price of $0.40 per Unit Share (each, a “Unit Warrant Share”) until May 6, 2028. On the Maturity Date, the holders of the Debentures may convert the outstanding principal amount, together with any accrued and unpaid interest thereon, into Units at the Conversion Price. The Company intends to use the proceeds from the Offering for general working capital purposes.
In connection with the Offering, the Company paid an aggregate of $180,000 in finder's fee to certain qualified arm's length parties (the “Finder”). Also, upon conversion of the Convertible Debenture into Units, the Finder will also be entitled to be issued up to 803,571 common shares in the capital of the Company.
All securities issued in connection with the Offering, including any Unit Shares and Unit Warrant Shares, are subject to a restricted period of four months and one day from closing of the Offering.
The securities of the Company referred to in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws. Accordingly, the securities of the Company may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or a solicitation of any offer to buy any securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Starmet Ventures Inc.
Starmet Ventures Inc’s principal business activities include the exploration of mineral resource properties with an emphasis on the properties located in Esmeralda County, Nevada and Ear Falls, Ontario. Starmet’s objective is to identify and develop economic mineral resource properties of merit and to conduct exploration programs thereon.
On behalf of Starmet:
Gabi Kabazo
Chief Financial Officer
+1 (604) 833-6820
Cautionary Statement Regarding “Forward-Looking” Information
This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", "likely", "probably", "often", or "plan".
Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the completion and terms of the remaining tranches of the Offering, and the use of the proceeds from the Offering. Factors that could cause actual results to differ materially from such forward-looking information include fluctuations in general macroeconomic conditions, fluctuations in securities markets, the ability of the Company to successfully achieve its business objectives, the ability of the Company to satisfy stock exchange requirements in a timely manner. Additional factors and risks including various risk factors discussed in the Company's disclosure documents which can be found under the Company's profile on http://www.sedarplus.ca. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.
Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements and information contained in this news release. These statements speak only as of the date of this news release. The Company assumes no obligation to update the forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by law.
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