GRAND JUNCTION, Colo., June 06, 2024 (GLOBE NEWSWIRE) -- (OTCQB:MAPPF) (TSXV:MAPS) (FSE: 5D00) ProStar Holdings Inc. (the "Company" or "ProStar®") a world leader in Precision Mapping Solutions®, is pleased to announce that it has closed the final tranche of its previously announced non-brokered private placement (the "Offering") for gross proceeds of approximately C$1.1 million, through the sale of 6,944,466 units (the "Units") at a price of C$0.16 per Unit (the "Offering Price"). Further to the Company's news releases dated March 13, 2024, March 27, 2024 and May 14, 2024, the Company has raised gross proceeds of approximately C$2.5 million through the sale of 15,689,212 Units in the Offering. Each Unit consists of one common share of the Company (each, a "Common Share", and collectively the "Common Shares") and one Common Share purchase warrant (each whole warrant, a "Warrant" and collectively the "Warrants"). Each Warrant entitles the holder thereof to acquire one common share of the Company (a "Warrant Share") at a price of C$0.22 per Warrant Share for a period of 36 months from the date of issuance thereof, provided that if the closing price of the Common Shares on any Canadian stock exchange on which the Common Shares are then listed is at a price equal to or greater than C$0.30 for a period of ten (10) consecutive trading days, the Company will have the right to accelerate the expiry date of the Warrants by issuing a press release or other form of notice permitted by the certificate representing the Warrants, announcing that the Warrants will expire at 4:30 p.m. (Vancouver time) on a date that is not less than 30 days from the date notice is given. The Company will use the proceeds from the Offering for sales, marketing, and working capital requirements. In particular, approximately US$232,000 will be used to reduce the Company's working capital deficit. Under the Offering, the Company has paid fees to eligible finders consisting of: (i) C$13,300; and (ii) 83,125 finder warrants (the "Finder Warrants"). Each Finder Warrant is exercisable into one common share of the Company (a "Finder Warrant Share") at a price of C$0.16 per Finder Unit until the date that is three (3) years from the date of issue of the Finder Warrants. Wayne Moore, a director of the Company (the "Interested Party"), purchased or acquired direction or control over a total of 6,250,000 Units as part of the first tranche of the Offering. The placement to the Interested Party constitutes a "related party transaction" within the meaning of ...