Stardust Solar closes first tranche of private placement for $510,500

Stardust Solar Energy Inc. (TSXV: SUN) (OTCQB: SUNXF) completed the first tranche of its previously announced non-brokered private placement, issuing 5,105,000 units at $0.10 per unit for gross proceeds of $510,500.

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

The company paid finder's fees of $28,700 in cash and issued 287,000 finder's warrants as part of the transaction. The finder's warrants carry the same $0.15 exercise price and 18-month term as the unit warrants.

Stardust Solar plans to close additional tranches of the offering in coming weeks. The company will use net proceeds to expand operations and for general administrative, marketing and working capital purposes.

All securities issued carry a statutory hold period of four months plus one day from issuance, in accordance with securities legislation and TSX Venture Exchange policies.

The solar energy company operates as a North American franchisor of renewable energy installation services, focusing on solar panels, energy storage systems and electric vehicle supply equipment across Canada and the United States.

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