VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan 17, 2013) - Eagle Star Minerals Corp. (TSX VENTURE:EGE)(ELGSF)(E6R.F) ("Eagle Star" or "the Company") is pleased to announce the arrangement of a private placement consisting of 6,000,000 units at a price of 20 cents per unit for gross proceeds of $1,200,000 by way of non-brokered private placement subject to regulatory approval. Each unit comprises one common share and one-half share purchase warrant. Each full warrant entitles the holder to purchase one additional common share of the company at a price of 30 cents per common share for a period of 18 months following the date of closing.
Use of Proceeds
In light of the recent discovery of high-grade phosphate at The Bomfim Agro-mineral Project, Eagle Star plans to use the proceeds of the concurrent financing towards further development of the Bomfim claims with specific intent to quantify the resource on one of three targets identified at Bomfim Hill by delineating an NI 43-101 resource report on its east portion scheduled to be completed by Q1 2013.
About the Company
Eagle Star Minerals Corp. is a publicly listed company focused on the acquisition, exploration and development of agro-mineral properties in Brazil. Over the past two years, Eagle Star Minerals has strategically grown its'' presence in Brazil and continues to focus on maximizing shareholder value by acquiring assets located in geological areas known for proven phosphate mineralization, coupled with good logistics in close proximity to agriculture.
The Company''s shares are publicly traded on the TSX Venture Exchange under the symbol EGE, on the OTC Pink Sheets under the symbol ELGSF and on Frankfurt Stock Exchange under the symbol E6R.
On behalf of the Board of Directors
EAGLE STAR MINERALS CORP.
Eran Friedlander, President