Vancouver, British Columbia--(Newsfile Corp. - January 20, 2025) - Stardust Solar Energy Inc. (TSXV: SUN) ("Stardust Solar" or the "Company"), a leader in renewable energy franchise opportunities, is pleased to announce the closing of the first tranche of its non-brokered private placement offering (the "Offering"), as previously disclosed in the Company's news release dated December 4, 2024, and followed by the Company's announcements on January 14, 2025. The Company issued 6,350,000 Units at a price of $0.10 per Unit, generating aggregate gross proceeds of approximately $635,000.
Each Unit consists of one common share and one common share purchase warrant (the "Warrant"). Each Warrant entitles the holder to acquire one additional common share at an exercise price of $0.20 for a period of 18 months from the date of issuance.
The Company paid finder's fees in the amount of $36,680 and issued 366,800 finder's warrants in connection with the first tranche of the Offering. Each finder's warrant entitles the holder to purchase one common share at $0.20 for a period of 18 months, under the same terms as the Warrants issued in the Offering.
Closing of the final tranche of the Offering is expected to occur in the coming weeks, with final documentation expected to be filed on or before February 19, 2025. The proceeds from the Offering will be used to drive Stardust Solar's expansion efforts in the U.S. market, particularly following the Company's acquisition of Solar Grids Development LLC. Funds will also support working capital, marketing initiatives, and administrative operations, ensuring the continued scalability of Stardust Solar's franchise network.
All securities issued in connection with the Offering are subject to a statutory hold period of four months plus one day in accordance with Canadian securities legislation. Completion of the Offering remains subject to final approval by the TSX-V.
About Stardust Solar
Stardust is a North American franchisor of renewable energy installation services, including solar panels (PV), energy storage systems, and electric vehicle supply equipment. Stardust lends its brand and business management services to entrepreneurs looking to enter the renewable energy industry. Stardust franchisees install and maintain clean energy systems for residential and commercial purposes. As a franchisor, Stardust supplies its franchisees with the following products: solar PV equipment, energy storage equipment, and electric vehicle supply equipment. In addition, Stardust supports its franchisees with many services from corporate headquarters, including marketing, sales, engineering, plan sets, customer service, and project management.
Media and Investor Contacts:
Mark Tadros
Chief Executive Officer, Chairman and Director
Neither 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.
The TSX Venture Exchange Inc. has neither approved nor disapproved the contents of this press release.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward-looking statements, including statements relating to the Company's business plans and expected future growth, the completion of the Acquisition on the terms described herein or at all, the expected closing date of the Acquisition and the expected benefits of the Acquisition. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward‐looking statements as well as future results. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention. It assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
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