Canada-based Star Navigation Systems Group Ltd. (CSE: SNA) (CSE: SNA.CN) (OTCQB: SNAVF) has announced the closing of the first tranche of a non-brokered private placement, having issued 3,146,667 units of the company at a price per unit of USD 0.0375 for gross proceeds of USD 118,000, the company said.
All securities issued in the Offering and any shares issued upon exercise of warrants are subject to a four month statutory hold period from the date of issuance. The net proceeds of the placement will be used for research and development, marketing and corporate overhead.
Star Navigation Systems Group Ltd. owns the exclusive worldwide license to its proprietary, patented In-flight Safety Monitoring System, STAR-ISMS, the heart of the STAR-A.D.S. and of the STAR-ISAMM Systems. I