CryptoStar Corp. Announces Non-Brokered Private Placement of Units

TORONTO, July 8, 2020 /CNW/ – CryptoStar Corp. (TSXV: CSTR) (“CryptoStar” or the “Company”), a cryptocurrency mining and data centre operator, today announced that it has received subscriptions for a total of 5,000,000 units (“Units”) of the Company to raise $250,000 at a price of $0.05 per Unit by way of a non-brokered private placement (the “Offering”).

Each Unit will consist of one common share of CryptoStar (a “Common Share”) and one half of a common share purchase warrant of CryptoStar (each whole warrant, a “Warrant”). Each Warrant will entitle the holder to acquire one Common Share at a price of CAD $0.075 per Common Share for a period of 12 months following the closing date of the Offering.

The Offering is subject to TSX Venture Exchange approval. The securities issued in connection with the Offering will be subject to a four-month hold period, in accordance with applicable securities laws.

CryptoStar intends to use the net proceeds from the Offering for business operations and expansion of its business, and for general working capital purposes. CryptoStar may pay a finder’s fee to eligible parties in connection with the Offering, subject to the approval of the TSX Venture Exchange and compliance with applicable securities laws.

About CryptoStar Corp.:

CryptoStar has cryptocurrency mining operations with data centres located in the U.S.A. and Canada. CryptoStar is currently dedicated to becoming one of the lowest cost Bitcoin producers in North America.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

Forward-Looking Statements

This news release contains forward-looking statements. Forward-looking statements can be identified by the use of words such as, “expects”, “is expected”, “anticipates”, “intends”, “believes”, or variations of such words and phrases or state that certain actions, events or results “may” or “will” be taken, occur or be achieved. Forward-looking statements include those relating to the completion of the Offering and the terms thereof, the use of net proceeds from the Offering and the payment of a finder’s fee. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, including assumptions related to the ability of the Company to complete the Offering on commercially reasonable terms, the approval of the TSX Venture Exchange of the Offering, as well as other factors that management believes to be relevant and reasonable in the circumstances. Actual results, performance or achievement could differ materially from that expressed in, or implied by, any forward-looking statements in this press release, and, accordingly, you should not place undue reliance on any such forward-looking statements and they are not guarantees of future results. Forward-looking statements involve significant risks, assumptions, uncertainties and other factors that may cause actual future results or anticipated events to differ materially from those expressed or implied in any forward looking statements. Except as required by law, CryptoStar undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE CryptoStar Corp.

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