TORONTO, ONTARIO--(June 17, 2011) - Star Navigation Systems Group Ltd. (TSX VENTURE:SNA) ("Star" or the "Company") wishes to advise that the gross proceeds of the recent private placement totaled $1,266,000 and not $1,256,000 as announced June 15, 2011. Finder's fees in connection with this private placement in the amount of 506,400 common shares and 253,200 warrants will be paid in connection with this placement. Each Warrant entitles the holder to purchase one common share of the Company (a "Warrant Share") at a price of $0.50 per Warrant Share for a term of 24 months from the closing date. All securities issued in the Offering and any Shares issued upon exercise of Warrants are subject to a four month statutory hold period from the date of issuance.
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, except as required by law.
FOR FURTHER INFORMATION PLEASE CONTACT:
Viraf Kapadia
Star Navigation Systems Group Ltd.
CEO
(416) 252-2889
viraf.kapadia@star-navigation.com
www.star-navigation.com
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.
