TORONTO, April 9 - Star Navigation Systems Group Ltd. (TSX-V: SNA) ("Star" or the "Company") is pleased to announce that it has closed a non-brokered private placement of 6,105,094 units (the "Units") at a price of $0.08 per Unit for gross proceeds of $488,408 (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") will entitle the
holder thereof to purchase one additional share of the Company at a price of $0.30 per share for a period of two years from the date of Closing. Finder's fees consisting of $41,161 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 August 9, 2009. The net proceeds from the Offering are intended to be used to fund marketing, installations and for general working capital. The TSX Venture Exchange ("TSX-V") has issued final acceptance with respect to the placement.
Star also announces that the TSX-V has consented to the extension by Star of the term of 13,182,766 warrants issued by the Company by way of private placement accepted for filing by the TSX-V May 16, 2007, and to the reduction in the original warrant exercise price of $0.30. Each warrant now entitles the holder thereof to purchase one additional share of the Company at a price of
$0.20 per share until April 15, 2011.
Star also announces that the TSX-V has consented to the reduction of the exercise price of 5,400,000 stock options, previously issued to consultants of the Company, from $0.30 to $0.10.
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.
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 the content of this release.
For further information:
Please visit www.star-navigation.comViraf Kapadia, CEO,
(416) 252-2889,
viraf.kapadia@star-navigation.com
AGORACOM Investor Relations:IR HUB http://www.agoracom.com/ir/StarNavig...
E-mail all questions and correspondence to SNA@agoracom.com
