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Vancouver, British Columbia--(Newsfile Corp. - January 30, 2025) - Stardust Solar Energy Inc. (TSXV: SUN) ("Stardust Solar" or the "Company"), a leader in renewable energy franchise opportunities, is pleased to announce the closing of the second and final tranche (the "Second Tranche") of its upsized non-brokered private placement offering (the "Offering"), as previously disclosed in the Company's news releases dated December 4, 2024, January 14, 2025 and January 24, 2025. In connection with the Second Tranche, the Company issued 5,246,104 units (the "Units") at a price of $0.10 per Unit, generating aggregate gross proceeds of approximately $524,610.40.
Each Unit consists of one common share and one common share purchase warrant (the "Warrant"). Each Warrant entitles the holder to acquire one additional common share at an exercise price of $0.20 for a period of 18 months from the date of issuance.
The Company paid finder's fees in the amount of $30,905 and issued 309,050 finder's warrants in connection with the Second Tranche. Each finder's warrant entitles the holder to purchase one common share at $0.20 for a period of 18 months from the date of issuance, under the same terms as the Warrants issued in the Offering.
The proceeds from the Offering will be used to accelerate Stardust Solar's expansion in the U.S. market, particularly following the Company's acquisition of Solar Grids Development LLC. The funds will also support working capital, marketing initiatives, and administrative operations, ensuring the continued scalability of Stardust Solar's franchise network.
All securities issued in connection with the Offering are subject to a statutory hold period of four months plus one day in accordance with Canadian securities legislation. The Offering remains subject to final approval by the TSX Venture Exchange.
About Stardust Solar
Stardust is a North American franchisor of renewable energy installation services, including solar panels (PV), energy storage systems, and electric vehicle supply equipment. Stardust lends its brand and business management services to entrepreneurs looking to enter the renewable energy industry. Stardust franchisees install and maintain clean energy systems for residential and commercial purposes. As a franchisor, Stardust supplies its franchisees with the following products: solar PV equipment, energy storage equipment, and electric vehicle supply equipment. In addition, Stardust supports its franchisees with many services from corporate headquarters, including marketing, sales, engineering, plan sets, customer service, and project management.