Vanstar Mining Resources inc.
TSX VENTURE : VSR

Vanstar Mining Resources inc.

December 31, 2013 13:04 ET

Vanstar Completes a $102,600 Financing

LA PRAIRIE, QUÉBEC--(Marketwired - Dec. 31, 2013) - Vanstar Mining Resources inc. (the "Company") (TSX VENTURE:VSR) announces that it has completed a $102,600 non-brokered financing.

The Company sold 85.5 Flow-Through units (the "FT Units") at a purchase price of $1,200 per FT Unit, for a total amount of $102,600. Each FT Unit consists of 8,000 flow-through common shares and 2,000 common shares at a price of $0.12 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 $0.15 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 finder's fee of $480 was paid to an arm's length party in relation to this financing and 3 insiders participated for a total amount of $25,200.

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.

The board of directors also granted today 50,000 stock options to an officer of the Company at a price of $0.13. These stock options are valid for a period of 5 years.

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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