Star Navigation Announces Exercise of Warrants
June 15 2017 - 5:00PM
Star Navigation Systems Group Ltd. (CSE:SNA) (CSE:SNA.CN)
(OTCBB:SNAVF) ("Star" or the "Company"), announces that a
total of 8,795,000 warrants to purchase common shares of the
Company have been exercised at a price of C$0.06 per common share
up to June 11, 2017, resulting in proceeds to the Company of
C$527,700.
The warrants were originally issued during June, 2015, through a
private placement of 16,140,000 units, with each unit consisting of
one (1) share of common stock and one (1) warrant to purchase one
(1) share of common stock. 8,070,000 of the warrants, plus 725,000
Finder’s Fee warrants were exercisable to purchase one (1) common
share at $0.06, with the remaining 8,070,000 being exercisable, as
amended, to purchase one (1) common share at $0.09. The latter
warrants expire September 11, 2017.
Viraf S. Kapadia, Chairman and CEO of Star said:
“The exercise of warrants by these shareholders provides a
strong vote of confidence in Star, and increases our resources as
we continue to reorganize our sales program and maintain our
commitment to our R&D partners and to our customers.”
About Star Navigation:
Star Navigation Systems Group Ltd. owns the exclusive worldwide
license to its proprietary, patented In-flight Safety Monitoring
System, STAR-ISMS®, the heart of the STAR-A.D.S. ® System. 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.
Star’s MMI Division designs and manufactures high performance,
mission critical, flight deck flat panel displays for defence and
commercial aviation industries worldwide.
Certain statements contained in this News Release constitute
forward-looking statements. When used in this document, the words
“may”, “would”, “could”, “will”, “expected” 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.
Neither the Canadian Securities Exchange nor its Market
Regulator (as that term is defined in the policies of the Canadian
Securities Exchange) accepts responsibility for the adequacy or
accuracy of the content of this release.
Please visit
www.star-navigation.com or
Jean-Louis Larmor, (416) 252-2889 Ext. 221
Jean-louis.larmor@star-navigation.com
Gold Feather Marketing GroupAttn.: Anahadjeet
Garewal (647) 409-3434
info@goldfeathermarketing.com
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