Mr. Charles Funk reports
HELIOSTAR ANNOUNCES CLOSING OF US$10M DEBT FACILITIES TO SUPPORT ACQUISITION OF PRODUCTION ASSETS
Heliostar Metals Ltd. has closed two previously announced debt facilities with Ocean Partners USA Inc. (the working capital facility) and Deans Knight Capital Management Ltd. (the transaction closing facility) for aggregate gross proceeds of $10-million (U.S.) to support its acquisition of assets from Florida Canyon Gold Inc. The company expects to complete the acquisition on Nov. 6, 2024.
The company issued 1.5 million common shares for loan establishment, which will be subject to a statutory hold period of four months plus one day from the date of issuance in accordance with applicable securities legislation in Canada.
Heliostar has drawn down $5-million (U.S.) from the transaction closing facility to complete the acquisition. The full balance of the working capital facility of $5-million (U.S.) is available to be drawn, as required.
About Heliostar Metals Ltd.
Heliostar aims to grow to become a mid-tier gold producer. The company is focused on developing the 100-per-cent-owned Ana Paula project in Guerrero, Mexico, and has recently entered into an agreement to acquire a portfolio of production and development assets in Mexico.
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