Star Navigation Settles C$3.17M Debt with 63.3M Shares and Warrants
Star Navigation issued 63,318,660 units at C$0.05 each to settle C$3,165,933 of related-party debt. Each unit includes one common share and one warrant exercisable at C$0.05 over five years, with net proceeds earmarked for working capital and development of the STAR-A.D.S.® system.
1. Transaction Details
Star Navigation issued 63,318,660 units at C$0.05 per unit to related parties, converting C$3,165,933 of existing debt into equity.
2. Use of Proceeds
Net proceeds from the private placement will support working capital needs and further development, sales and marketing of the STAR-A.D.S.® system.
3. Warrant Terms
Each unit includes one warrant exercisable for one common share at C$0.05 per share over a five-year period, subject to a four-month statutory hold.
4. Business Overview
Star Navigation Systems Group manufactures the STAR-ISMS® inflight safety monitoring system, with its STAR-A.D.S.® platform providing real-time tracking and predictive analytics for aviation safety and fleet management.