Stardust Solar announces $1 million private placement and debt settlement

Stardust Solar Energy Inc. (TSXV: SUN) (OTCQB: SUNXF) (FSE: 6330) announced a non-brokered private placement of up to 10 million units at $0.10 per unit for gross proceeds of up to $1 million.

Each unit consists of one common share and one transferrable warrant. The warrants allow holders to purchase additional shares at $0.15 per share for 18 months from the offering's closing date.

The company will pay finders' fees of up to 7% of gross proceeds from units sold to subscribers introduced by eligible finders. Stardust Solar will also issue non-transferable finders' warrants for up to 7% of the units sold, exercisable at $0.15 per share for 18 months.

Stardust Solar plans to use net proceeds to expand operations and for general administrative, marketing and working capital purposes. The offering requires corporate and regulatory approvals, including TSX Venture Exchange approval. Securities issued will be subject to a four-month-plus-one-day statutory hold period.

The company also announced a debt settlement agreement with an arm's length creditor for $75,000 in legal services debt. Stardust Solar will issue 750,000 shares at a deemed price of $0.10 per share to settle the debt. These shares will also be subject to the same statutory hold period.

The debt settlement closing requires corporate and regulatory approvals, including TSX Venture Exchange approval.

Stardust Solar operates as a North American franchisor of renewable energy installation services, specializing in solar panels, energy storage systems and electric vehicle supply equipment. The company has franchises across Canada and the United States.

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