Star Minerals Announces Resumption of Trading, Approval of Name Change, a Non-Brokered Private Placement and the Option to Acquire Helium Properties
Saskatoon, Saskatchewan / TheNewswire / February 1, 2016 - Navis Resources Corp. (formerly Star Minerals Group Ltd.) ("Navis" or the "Company") (CSE: SUV) announces that Computershare has reinstated transfer agency services with the Company and trading of Navis stock has resumed effective immediately. Navis is pleased to announce it has received the Certificate of Amendment dated January 26, 2016 changing the name of the Corporation from Star Minerals Group Ltd. to Navis Resources Corp.
The Corporation also announces that it intends to complete a non-brokered private placement for maximum gross proceeds of $100,000. Each unit subscribed for under this issue of up to 6,666,667 units at a subscription price of $0.015 per unit will contain one common share and a 2 year warrant priced at $0.05 exercisable at any time during the two years. The shares and warrants will be subject to a 4-month hold period. The offering will close on February 19, 2016 and is open to exempt investors.
In addition, Navis is pleased to announce that the Company has entered into an option agreement, through related parties, to acquire Helium properties in Saskatchewan. The project area comprises 842 hectares of Helium property leases with a further 7,187 hectares pending approval. The option agreement will be for $25,000 cash and the issuance of 10,000,000 shares to the holder of the Helium leases and Star will have 60 days to exercise such agreement. The transaction is subject to regulatory approval.
Navis recognizes Helium reserves are reaching near critical lows, while advances in technology, medicine and manufacturing are driving the demand for this strategic gas. Structures within the southern Saskatchewan sedimentary basin create an ideal reservoir and trap to accumulate this inert gas. The Helium reservoir potential and pre-existing infrastructure from the oil and gas sector make Saskatchewan a significant domain for the economic development of Helium.
The Company has applied for and has been granted relief from the CSE's minimum price rule for issuance of shares in a share for debt restructuring enabling the Company to clean up the balance sheet.
About Navis Resources Corp.
Navis is a Saskatoon-based diversified exploration stage company positioned for growth in Canada through the acquisition and development of advanced and/or cash flow mining opportunities. Navis is backed by an experienced and high-energy management team with diverse technical, market and finance strengths and expertise, and is supported by committed and sophisticated investors focused on building value for the long term.
Navis trades on the CSE (formerly CNSX) under the symbol "SUV".
For more information, please visit our website at www.starminerals.ca.
For further information:
Michael Burns, President and CEO
Phone: +1 306-715-6802
James Rogers, COO
Phone: +1 778-809-7009
Facsimile: +1 306-244-0042
Forward Looking Statements
This news release contains certain statements which constitute forward-looking statements or information ("forward-looking statements"), including statements regarding project plans for 2016. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Star's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, competition from other industry participants, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Navis believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward looking information. As such, readers are cautioned not to place undue reliance on the forward looking information, as no assurance can be provided as to future results, levels of activity or achievements. Other factors that could materially affect such forward-looking statements are described in the risk factors in the most recent management's discussion and analysis that is available on the Company's profile on SEDAR at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, Navis does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
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