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ProStar Holdings Announces Closing of Non-Brokered Private Placement For Gross Proceeds of $1,775,000

GRAND JUNCTION, Colo., Nov. 01, 2024 (GLOBE NEWSWIRE) -- (OTCQB:MAPPF) (TSXV:MAPS) (FSE: 5D00) ProStar Holdings Inc. (the "Company" or "ProStar®") a world leader in Precision Mapping Solutions®, is pleased to announce that it has closed its previously announced non-brokered private placement (the "Offering") for gross proceeds of C$1,775,000, through the sale of 11,093,750 units (the "Units") at a price of $0.16 per Unit (the "Offering Price").

Each Unit consists of one common share of the Company (each, a "Common Share", and collectively the "Common Shares") and one Common Share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder thereof to acquire one common share of the Company (a "Warrant Share") at a price of C$0.22 per Warrant Share for a period of 36 months from the date of issuance thereof, provided that if the closing price of the Common Shares on any Canadian stock exchange on which the Common Shares are then listed is at a price equal to or greater than C$0.30 for a period of ten (10) consecutive trading days, the Company will have the right to accelerate the expiry date of the Warrants by issuing a press release or other form of notice permitted by the certificate representing the Warrants, announcing that the Warrants will expire at 4:30 p.m. (Vancouver time) on a date that is not less than 30 days from the date notice is given.

The Company will use the proceeds of the Offering for sales, marketing and working capital requirements.

"I am very pleased to announce the closing of this financing which included strong participation from several members of our Board, Executive Team, and existing shareholders" stated Page Tucker, CEO and Founder of ProStar. "We believe we are nearing an important inflection point and the proceeds from this financing, combined with a debt-free balance sheet, should provide the Company with the liquidity to achieve our goals. I look forward to continuing to provide updates on our progress to our shareholders and the financial community."

In connection with the Offering, the Company paid fees to eligible finders consisting of: (i) C$3,360.00 and (ii) 21,000 finder's warrants (the "Finder Warrants"). Each Finder Warrant is exercisable into one common share of the Company (a "Finder Warrant Share") at a price of C$0.22 per Finder Warrant Share until that date that is three (3) years from the date of issue of the Finder Warrants.

Certain directors and senior officers of the Company (the "Interested Parties") purchased ...