Glenstar Minerals Inc. [GSTR-CSE] said it is upsizing a previously announced private placement of units that is now expected to $3.06 million. The upsized offering consists of 4.5 million units priced at 68 cents per unit. Each unit consists of one common share and one common share purchase warrant, with each warrant exercisable to purchase one additional share at a price of 85 cents per warrant share for 24 months after closing.
The company has granted the agent an increased option, exercisable in whole or in part to sell up to an additional 675,000 units at the offering price for additional gross proceeds of $495,000.
It said the additional funds will allow the company to increase and accelerate its drilling program at the Green Monster polymetallic property which is located about 60 kilometres southwest of Las Vegas, Nevada. Proceeds will also be used for trenching at the Wild Horse property, which is located in Mineral County, Nevada, where four grab samples were collected from the Coca Cola Zone located on the west-central portion of the property. Those samples have returned copper values of 1.6%, 5.3%, 2.3% and 5.1% along with an average of 21.6 ppm silver. Samples were also anomalous in bismuth and tungsten.
On Thursday, Glenstar shares eased 5.06% or $0.04 to 75 cents. The shares trade in a 52-week range of $1.01 and 15.5 cents.
Glenstar recently said the intersection of a polymetallic zone at Green Monster property in position 150 metres from the main target zone, resulting in a change of focus for exploration on the property.
The Green Monster Property is located on the western edge of the Goodsprings Mining District, an area that has been a centre for base metal production since the late 1800s. The company said this historically rich district, known for its production of zinc, nickel and copper, is undergoing a renaissance as moder exploration techniques open new possibilities.
The property, spanning roughly 700 acres across 35 federal lode claims, is part of a 30-kilometre-long fault zone, which the company said is already noted for zinc-rich mineralization and anomalous nickel-cobalt and copper occurrences.
The property lode claims are attached to patented mining claims covering the underground historic workings of the Green Monster Mine. Patented claims were historically only given to properties that had significant production. The mine produced 2.0 million pounds of zinc along with lesser quantities of copper, silver, lead and uranium.
Due to an error in the original offering document, the company has amended the price of compensation options, previously announced on August 18, 2025, to be adjusted from $0.85 per compensation option to $0.68, to make the price consistent with the offering price. Each compensation option will entitle the holder to acquire one common share for $0.68 per common share for 24 months after the offering closes.
