Eagle Star Minerals Corp. Closes 2nd Tranche of Previously announced Non-Brokered Private Placement
FOR IMMEDIATE RELEASE TSXv Trading Symbol: EGE FSE: E6R.F
Eagle Star Minerals Corp. Closes 2nd Tranche of Previously announced Non-Brokered Private Placement
July 16, 2010, Vancouver, British Columbia: Eagle Star Minerals Corp., (TSX.v: EGE) (FSE: E6R.F) (“Eagle star” or "the Company") is pleased to announce that it has completed the second tranche of its previously announced non- brokered private placement of 12,500,000 (“Units”) at a price of $0.10. A total of 2,850,000 will be issued in this second tranche closing, subject to TSX Venture Exchange approval. The second tranche closing is oversubscribed by 350,000 Units. A submission has been made to the Exchange for approval of the oversubscription.
Each Unit will consist of one common share of the Company (a “Share”) and one half of one transferable common share purchase warrant (a “Warrant”).Each whole Warrant will be exercisable to acquire one additional Share for a period of 18 months from the closing of the Private Placement at an exercise price of $0.20. In the event that the common shares of the Company trade at a closing price in excess of $0.20 per share for a period of 10 consecutive trading days at any time commencing four months after the closing date, the Company will accelerate the expiry date of the warrants to 30 days after notice is given by the Company. All securities issued in connection with the second tranche closing will be subject to a four-month plus one day hold period from date of issuance. The proceeds of the placement will be used for exploration program of the Angico iron project and general working capital
About the Company
Eagle Star Minerals Corp. is a Natural Resource company headquartered in Vancouver, British Columbia, focused on the acquisition, exploration and development of mineral properties in North and South America. The Company’s shares are publicly traded on the TSXv under the symbol EGE and on Frankfurt Stock Exchange under the symbol E6R.F.
On behalf of the Board of Directors
EAGLE STAR MINERALS CORP.
“Eran Friedlander”
Eran Friedlander, President
For more information contact: Balraj Mann, CFO
Phone: 1-604-601-2018 Email: [email protected]
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.
Suite 600 – 666 3rd Burrard Street, Vancouver, B.C., Canada, V6C 2X8 Tel. 604-601-2018 Fax. 604-688-1320 | www.eaglestarminerals.com
TSXv:EGE