TORONTO, Dec. 3 - Star Navigation Systems Group Ltd. (TSX-V: SNA.V) ("Star" or the "Company") is pleased to announce that it has closed a non-brokered private placement of 8,488,930 units (the "Units") at a price of $0.10 per Unit for gross proceeds of $848,893 (the "Offering"). Each Unit consists of one common share of the Company ("Share") and one-half of one common share purchase warrant. One full warrant ("Warrant") is exercisable to acquire one additional Share for a period of 12 months from closing at an exercise price of $0.30.
Finder's fees consisting of 811,500 common shares of the Company were paid in connection with this private placement.
All securities issued in the Offering and any Shares issued upon exercise of Warrants are subject to a hold period expiring April 2, 2009. The net proceeds from the Offering are intended to be used to fund marketing, installations and for general working capital.
Completion of the placement is subject to the final acceptance of the TSX Venture Exchange.
About Star Navigation:
Star Navigation Systems Group Ltd. (www.star-navigation.com) owns the exclusive worldwide license to its proprietary, patented In-flight Safety Monitoring System, the first system in the world to feature in-flight data-analysis, monitoring and diagnostics with a real-time connection between aircraft and ground. Its real-time capability of tracking performance-trends and predicting incident-occurrence enhances aviation safety and improves fleet management while reducing costs for the operator.
Certain statements contained in this News Release constitute forward- looking statements. When used in this document, the words "may" "would", "could", "will" and similar expressions, as they relate to Star or its management are intended to identify forward-looking statements. Such statements reflect Star's current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause Star's actual performance or achievements to vary from those described herein. Should one or more of these factors or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Star does not assume any obligation to update these forward-looking statements.
This press release is available on the company's official on-line investor relations site for investor commentary, feedback and questions. Investors are asked to visit: http://www.agoracom.com/ir/StarNavig... and view the Star Navigation IR HUB. Alternatively, investors are asked to e-mail all questions and correspondence to SNA@Agoracom.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
Contacts
Please visit www.star-navigation.com or contact Viraf Kapadia
CEO
viraf.kapadia@star-navigation.com
AGORACOM Investor Relations
Investor Relations
SNA@agoracom.com
http://www.agoracom.com/ir/StarNavig...
