South Star Battery Metals Completes Second Tranche of Oversubscribed Private Placement

South Star Battery Metals Corp. has announced the successful closure of the second and final tranche of its oversubscribed, upsized non-brokered private placement. This second tranche issued a total of 2,485,209 shares at C$0.72 each, raising additional gross proceeds of C$1,789,352. The entire private placement has raised a total gross proceed of C$6,697,119 by issuing 9,301,532 shares. These funds will be directed towards accelerating exploration, development, and construction activities, in addition to covering corporate G&A and general working capital requirements.

The company paid $46,250 in cash and issued 44,452 shares in equity as finder's fees in connection with this tranche. Moreover, a director and an officer of the company participated in the private placement, contributing an aggregate amount of $57,600. The transaction with the officer was identified as a "related party transaction", but fell under exemptions due to its value not exceeding 25% of the company's market capitalization.

In parallel, South Star Battery Metals has secured a two-year extension on its BamaStar Landowners/Mineral Rights Agreement. The extension is beyond the initial five-year term, supporting the company's strategic focus on graphite production in Tier 1 jurisdictions. CEO Richard Pearce expressed enthusiasm about the company's financial standing and forthcoming projects, including the anticipated production of graphite concentrates and a Preliminary Economic Assessment for the BamaStar project.