Vanstar Mining Resources Inc.

Vanstar Mining Resources Inc.

February 05, 2014 11:14 ET

CORRECTION FROM SOURCE/Vanstar Completes a $322,500 Financing

LA PRAIRIE, QUEBEC--(Marketwired - Feb. 5, 2014) -

The following corrects and replaces the release sent out at 9:15 AM EST Tuesday January 4, 2014. Note that a finder's fee was paid in relation to this financing.

Vanstar Mining Resources inc. (the "Company") (TSX VENTURE:VSR) announces that it has completed a $322,500 non-brokered financing.

The Company sold 215 Flow-Through units (the "FT Units") at a purchase price of $1,500 per FT Unit, for a total amount of $322,500. Each FT Unit consists of 8,000 flow-through common shares and 2,000 common shares at a price of $0.15 per share and 5,000 common share purchase warrants. Each warrant allows the holder to purchase one additional common share in the capital of the Company for a period of 12 months from the date of issuance, at a purchase price of $0.20 per share.

Proceeds of the FT Units will be used for the continuation of exploration of the Nelligan property in Quebec. The expenses will constitute flow-through mining expenditure as described in subsection 127(9) of the Income Tax Act (Canada); and will qualify for inclusion in both: the exploration base relating to certain Quebec exploration expenses, and the exploration base relating to certain Quebec surface mining exploration expenses as these terms are defined in the Taxation Act (Quebec).

A $15,000 finder's fee was paid in relation to this financing.

The securities issued as part of this financing will be subject to a minimum hold period of 4 months and a day and are subject to the approval of the TSX Venture exchange.

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.

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