ProStar Holdings Inc. Announces Closing of $1 Million Private Placement
GRAND JUNCTION, Colo., March 10, 2021 /CNW/ -- ProStar Holdings Inc. ("ProStar" or the "Company") (TSXV: MAPS) (FSE: 5D00), a world leader in Precision Mapping Solutions™, is pleased to announce that the Company has received an order and agreed with a sole subscriber to complete a non-brokered private placement of $1,001,000, through the issuance of 1,430,000 units, at a price of $0.70 per unit to a European Investment Group. The Company intends to use the net proceeds of the Private Placement to expand its global sales network, add additional sales and marketing resources, and for working capital.
Each Unit consists of one common share of the Company (each, a "Share") and one-half of one non-transferable common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to purchase one additional Share at an exercise price of $1.00 per Share for a period of 24 months from the date of issue.
All securities issued in connection with the Offering are subject to a four-month hold period under applicable securities legislation. The Company paid a cash finder's fee in the amount of $70,070 and issued 100,100 finder's warrants, with each finder's warrant exercisable into a common share of the Company at a price of $0.70 for 24 months.
What You Should Know About ProStar (TSXV: MAPS)(FSE: 5D00)
ProStar is a world leader in Precision Mapping Solutions™. ProStar's flagship product, PointMan, is natively cloud and mobile, and offered as a SaaS recurring revenue model. ProStar's solutions are adopted by some of the largest entities in North America, including Fortune 500 construction firms, the largest subsurface utilities engineering (SUE) firms, and government agencies.
ProStar has strategic partnerships with the leading GPS/GNSS and cable and pipe locator manufactures as well as their dealer networks, including Trimble®, Vivax-Metrotech, Radiodetection®, and Subsite® Electronics.
The company has made a significant investment in creating a vast intellectual property portfolio that includes 19 issued patents in the United States and Canada, with several more pending. The patents protect the methods required to digitally capture, record, and display the precise location of buried utilities and pipelines.
ProStar's Executive management team has extensive experience in both early stage and Fortune 500 companies, TSX and TSX.V listed enterprises, and in geospatial, cloud and mobile technologies. ProStar's leadership team includes Vasa Dasan, former CTO of Sun Microsystems, Carl Lashua, previous Chief Information Officer of HSBC Canada and Europe, and Matthew Breman prior Executive for Disneyworld Resorts.
For more information about ProStar, please visit: www.prostarcorp.com.
For further information, please contact:
Alex Moore
Investor Relations Support
[email protected]
970-242-4024
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE ProStar Corp
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