VANCOUVER, British Columbia, May 15, 2026 (GLOBE NEWSWIRE) -- South Star Battery Metals Corp. ("South Star" or the "Company") (TSXV:STS) (OTCQB:STSBF) is pleased to announce that the Company has increased the size of its previously announced non-brokered private placement of common shares (the "Share Offering") from CAD $4,000,000 to up to CAD $4,800,000. The upsized Share Offering will now consist of up to 32,000,000 common shares (the "Shares") at a price of CAD $0.15 per Share. The increase in the size of the Share Offering was driven primarily by strong investor demand, with the order book remaining oversubscribed even after the increase from the originally announced size. All other terms of the Share Offering remain unchanged from those set out in the Company's news release dated May 6, 2026 (the "Initial News Release").
The Company is also pleased to announce that it is moving to close the first tranche of the Share Offering, issuing 15,413,333 Shares at a price of CAD $0.15 per Share for gross proceeds of CAD $2,312,000 (the "First Closing"). The First Closing remains subject to conditional approval by the TSX Venture Exchange (the "TSXV"). The Company anticipates closing the second and final tranche of the Share Offering on or before May 29, 2026 (the "Final Closing"). The Final Closing remains subject to final approval by the TSXV.
The Shares are subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable securities laws. Net proceeds from the Share Offering will be used to support the continued scaling and advancement of the Company's operations, including the execution of capital expenditures associated with the planned expansion of the Santa Cruz graphite operation toward a production capacity of 10,000 tonnes per annum, as well as for corporate general and administrative expenses and general working capital purposes. The first tranche of the Share Offering remains subject to final approval of the Exchange.
The Company anticipates closing one or more additional tranches of the Share Offering in the coming weeks, the closing of which remain subject to customary conditions, including the receipt of all necessary corporate and regulatory approvals, including approval of the Exchange.
All of the ...
