Vancouver, British Columbia, May 17, 2013 - Astar Minerals Ltd (TSXV:TAR) lists on the TSX Venture Exchange. The company completed an IPO offering of 4 million shares at $0.15, raising $600,000 in gross proceeds, with Canaccord Genuity acting as agent for the offering.
(http://www.investmentpitch.com/video/0_olwi6bjl/Astar-Minerals-Ltd-TSXV-TAR-New-Listing)The company currently has 13.4 million shares outstanding, with 9.4 million shares held in escrow.
It is engaged in the business of mineral exploration in British Columbia, and holds an option to acquire a 100% interest in the Forrest Project, located in the Laird Mining Division, approximately 90 kilometres north of Stewart. The Forrest Project, which is subject to a 3% NSR, consists of 10 contiguous mineral claims covering 37.2 square kilometres.
The property has been subject to extensive soil geochemistry and prospecting as well as drilling, with more than 30 gold-bearing occurrences have been described along the length of the Forrest Project.
Under the terms of the option agreement, Astar is required to pay $260,000 cash, incur $3.6 million in exploration expenditures, and issue 1 million common shares.The company has already met the first obligation by spending not less than $100,000 before August 2012. The next target is cumulative expenditures of not less than $300,000 on or before August 31, 2013.
For more information on the company's property, please refer to the NI 43-101 reports on Sedar.com.
For more information about Astar Minerals, please contact Stephen Stanley at 604-684-7550 or by email at sotetcapital@gmail.com (mailto:sotetcapital@gmail.com).
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