Stardust Solar cancels 266,666 units issued in error from private placement

Stardust Solar Energy Inc. (TSXV: SUN) (OTCQB: SUNXF) has cancelled and returned to treasury 266,666 units that were issued due to a clerical error in the first tranche of its non-brokered private placement, according to a press release.

Following the cancellation, the company issued a total of 10,838,413 units for aggregate gross proceeds of approximately $812,880.98 under the private placement.

Each unit consists of one common share and one common share purchase warrant. Each warrant allows the holder to purchase one additional share at $0.10 per share for a period of 18 months from the date of issuance.

In connection with the private placement, the company paid finder's fees totaling $46,044.40 in cash and 613,778 common share purchase warrants to eligible finders. Each finder warrant entitles the holder to acquire one share at $0.10 per share for 18 months from the closing date of issuance, in accordance with TSX Venture Exchange policies.

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