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Vancouver, British Columbia--(Newsfile Corp. - January 14, 2025) - Stardust Solar Energy Inc. (TSXV: SUN) ("Stardust Solar" or the "Company"), a leading provider of residential solar energy solutions, announces that further to its news release dated December 4, 2024, the Company has submitted an application to the TSX Venture Exchange ("TSX-V") for an extension for filing final documentation in respect of its previously announced non-brokered private placement (the "Offering") of up to 10,000,000 units of the Company (the "Units") at a price of $0.10 per Unit for aggregate gross proceeds of up to $1,000,000. The Company requested the extension to accommodate additional investors. Closing of the Offering is expected occur in the coming weeks with final documentation expected to be filed on or before February 19, 2025.
Each Unit to be issued under the Offering will be comprised of one common share in the capital of the Company (a "Share") and one Share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to acquire one additional share (a "Warrant Share") at a price of $0.20 per Warrant Share for a period of 18 months from the closing date of the Offering.
The Company intends to use the net proceeds of the Offering to help expand the Company's U.S. operations, as well as for general and administrative, marketing and working capital purposes.
The Company may pay finder's fees of up to 7% of the gross proceeds of the Offering, payable in cash. In addition, finders may receive share purchase warrants entitling them to purchase such number of Shares of the Company, which is equal to 7% of the total number of Units purchased by subscribers introduced to the Company by such finders, each exercisable for a period of 18 months from the closing date of the Offering at a price of $0.20 per Share, all in accordance with the policies of the TSX-V.
All securities issued in connection with the Offering will be subject to a statutory hold period of four months and one day following the date of issuance in accordance with applicable Canadian securities laws. Closing of the Offering and the issuance of the Units are subject to a number of conditions, including, without limitation, receipt of all regulatory approvals.
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.