Star Navigation Announces Shares for Debt Transaction
August 04 2017 - 5:00PM
Star Navigation Systems Group Ltd. (CSE:SNA) (CSE:SNA.CN)
(OTCBB:SNAVF) ("Star" or the "Company”) announced today that it has
agreed to settle outstanding indebtedness of $2,186,689 (the
“Debt”) through the issuance of 27,333,615 common shares of the
Corporation, at a deemed price of $0.08 per common share (the “Debt
Settlement”). The deemed price was protected by a price reservation
granted by the Canadian Securities Exchange July 13, 2017.
The common shares issued in connection with the
Debt Settlement are subject to a four month hold period from date
of issue.
This transaction reduces the Company’s current
liabilities and significantly improves its working capital
ratio.
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 Group
Attn.: Anahadjeet Garewal (647) 409-3434
info@goldfeathermarketing.com
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