VANCOUVER, BRITISH COLUMBIA - (February 24, 2014) - Eagle Star Minerals Corp., (TSX-V: EGE) (PINK SHEETS: ELGSF.PK) (Frankfurt: E6R.F) ("Eagle Star" or "the Company"), is pleased to announce the arrangement of a private placement consisting of 13,157,894 units at a price of nineteen (19) cents per unit for gross proceeds of $2,500,000 CND by way of non-brokered private placement, subject to regulatory approval. Each unit is comprised of one common share, there are no warrants attached to this offering.
Use of Proceeds
In light of the recently published Initial Resource Estimate at Eagle Star's Bomfim Project, the Company intends to allocate funds towards the acquisition and implementation of a Direct Application Natural Fertilizer ("DANF") processing facility in preparation for advancing towards Stage 1 of their production plans for 2014. In addition, continued drilling is planned on selected targets already identified throughout the Bomfim claims with the objective of further expanding and delineating potential resources on the property. Bulk testing of flotation and solubility is ongoing at Bomfim and a Thermal Phosphate process is currently being investigated for Stage 2 as part of Eagle Star's future production development plans.
The Company may pay a finders fee to one or more arms length parties on a portion of the Private Placement in accordance with the policies of the TSX Venture Exchange. All securities issued pursuant to the Private Placement will be subject to a hold period that expires four months and a day from the closing date in accordance with the rules and policies of the TSX Venture Exchange and applicable Canadian securities laws.
About the Company
Eagle Star Minerals Corp. is a publicly listed company focused on the acquisition, exploration and development of agro-mineral properties in Brazil. Over the past three years, Eagle Star Minerals has strategically grown its' presence in Brazil and continues to focus on maximizing shareholder value by acquiring assets located in geological areas known for proven phosphate mineralization, coupled with good logistics in close proximity to agriculture.
The Company's shares are publicly traded on the TSX Venture Exchange under the symbol EGE, on the OTC Pink Sheets under the symbol ELGSF and on Frankfurt Stock Exchange under the symbol E6R.
On behalf of the Board of Directors
EAGLE STAR MINERALS CORP.
Eran Friedlander, President
For more information contact:
Senior Manager, Corporate Development
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE: Eagle Star Minerals Corp.
Release ID: 34172