ProStar Holdings Launching Non-Brokered Private Placement
ProStar Holdings Launches Strategic Private Placement
ProStar Holdings Inc. (the "Company" or "ProStar"), a leader in Precision Mapping Solutions, has announced plans for a non-brokered private placement aimed at raising up to C$750,000. This initiative reflects ProStar's commitment to expanding its capabilities and enhancing its offerings within the precision mapping sector.
Details of the Private Placement
The offering will consist of up to 5,357,143 units, each priced at C$0.14. A unit includes one common share of ProStar and a warrant that gives the holder the right to purchase an additional common share at a price of C$0.20. This warrant is valid for 36 months following the closure of the offering.
Notably, ProStar maintains the right to accelerate the expiry of the warrants if the common shares' closing price exceeds C$0.30 for ten consecutive trading days on any Canadian stock exchange.
Investment and Use of Proceeds
The funds from this private placement will be utilized primarily for sales and marketing efforts, as well as various working capital needs. These strategic investments are crucial as the Company continues to innovate and deliver high-quality precision mapping solutions to its clients.
Participation in the Offering
The directors and officers of ProStar are also expected to take part in this offering, although the specific amounts have yet to be determined. This involvement qualifies as a related party transaction under Multilateral Instrument 61-101. However, it is exempt from formal evaluation and minority shareholder approval since it falls under set thresholds.
Future Expectations and Regulations
Securities issued in this offering will be subject to relevant hold periods under securities legislation. ProStar may offer finder’s fees for part of the gross proceeds, and the entire offering is subject to regulatory approval, including from the TSX Venture Exchange ("TSXV").
About ProStar Holdings
ProStar is recognized globally for its sophisticated Precision Mapping Solutions. By merging cutting-edge GPS, cloud, and mobile technologies, the Company strives to create a digital landscape that simplifies complex infrastructure management tasks. ProStar's renowned product, PointMan, enhances workflow efficiencies associated with lifecycle management for vital infrastructure both above and below ground.
Positioned as a Software as a Service (SaaS), PointMan seamlessly integrates field operations with office activities, enabling accurate documentation and management of critical infrastructure such as pipelines and utility networks. Major organizations in North America, including Fortune 500 firms, have embraced ProStar’s solutions, establishing the Company as a trusted partner in the critical infrastructure sector.
ProStar has built an impressive intellectual property portfolio with several patents in the U.S. and Canada, protecting its innovative methodologies for managing infrastructure data. The leadership team at ProStar boasts extensive experience across early-stage and established technology companies, adding significant value to its strategic initiatives.
Contact and More Information
For those interested in learning more about ProStar's offerings and its vision for the future, visit www.prostarcorp.com. For inquiries, please contact Page Tucker, the CEO & Director of ProStar, at 970-242-4024 or email Investorrelations@prostarcorp.com.
Frequently Asked Questions
What is ProStar Holdings' primary business focus?
ProStar Holdings specializes in providing Precision Mapping Solutions, integrating GPS and cloud technologies for better infrastructure management.
How much money is ProStar trying to raise?
ProStar aims to raise up to C$750,000 through its non-brokered private placement.
Who can purchase the units offered in this placement?
The private placement is open to investors, including directors and officers of ProStar, who may participate in the offering.
What will ProStar do with the proceeds from the offering?
ProStar plans to use the raised funds for marketing, sales, and general working capital needs, which are essential for its ongoing operations.
Where can I find more information about ProStar Holdings?
For more details, visit ProStar's official website at www.prostarcorp.com.
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