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Strategies & Market Trends : Ride the Tiger with CD
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To: Goose94 who wrote (156019)5/6/2009 9:41:46 PM
From: Rocket Red  Read Replies (3) of 312819
 
Groundstar arranges $2.02-million private placement

2009-05-06 21:34 ET - News Release
Shares issued 54,213,028
GSA Close 2009-05-06 C$ 0.32

Mr. Kam Fard reports

GROUNDSTAR RESOURCES ANNOUNCES NON-BROKERED FINANCING

Groundstar Resources Ltd. has arranged a non-brokered private placement of up to 13.5 million common shares at a price of 15 cents per common share for total gross proceeds of up to $2,025,000.

Groundstar has agreed to pay a finder's fee equal to 10 per cent of the gross proceeds raised by a finder, payable in cash at the closing of the offering. In addition, the corporation shall issue common share purchase warrants to the finder to purchase that number of common shares as is equal to 10 per cent of the number of common shares sold under the offering. The finder's warrants will entitle the holder to purchase one common share at an exercise price of 15 cents for a period of five years from date of closing of the offering.

Proceeds from the offering will be used to finance exploration and development activities in Groundstar's high-potential blocks in Egypt, Kurdistan region of Iraq and for general corporate purposes.

The offering is scheduled to close on or about May 29, 2009, and is subject to receipt of all necessary regulatory and stock exchange approvals. The common shares and finder's warrants issued upon closing of the offering will be subject to a four-month hold period from the date of issue.

We seek Safe Harbor.
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