South Star Battery Metals Upsizes Private Placement

South Star Battery Metals announced an increase in its non-brokered private placement of common shares from CAD $4,000,000 to CAD $4,800,000, driven by strong investor demand. The company successfully closed the first tranche of this Share Offering, issuing 15,413,333 shares at CAD $0.15 per share, raising gross proceeds of CAD $2,312,000. Tiago Cunha, interim CEO, President, and a director of South Star Battery Metals, purchased all shares in this first tranche through a fund he controls, which constitutes a 'related party transaction' but is exempt from certain requirements. The net proceeds from the Share Offering will be used to fund the expansion of the Santa Cruz graphite operation in Brazil to a production capacity of 10,000 tonnes per annum, as well as for general corporate and administrative expenses.