Goldstar Requests Name Change to "GREEN MINING INNOVATION"

MONTRÉAL, May 11, 2023 (GLOBE NEWSWIRE) -- Goldstar Minerals Inc. (“Goldstar” or the “Corporation”) (TSX-V: GDM) has entered into a Purchase and Sale Agreement (the “Agreement”) for the acquisition of 8 claims (the “IMV Project”) located in the Montérégie region of southern Québec. The claims cover an area of approximately 481.05 hectares (4.81 km²).

The Agreement dated January 27, 2023 provides for the following:

The name of the Corporation would be changed to Green Mining Innovation, the trading symbol would become GMI, and the Corporation will adopt an ecological, innovative and environmentally friendly approach to work.

In an arm’s length transaction, the Corporation will issue 18 million shares to the current owners (“Owners”) of the IMV Project at a deemed price of $0.08 per share and will pay in shares a finder’s fee of 5% equivalent to 900,000 shares.

The Corporation would proceed with a non-brokered private placement for $500,000 consisting of 8,333,333 units, at a price of CDN $0.06 per unit. Each unit will consist of one common share and one purchase warrant where each warrant shall entitle the holder thereof to subscribe for one additional common share at an exercise price of CDN $0.12 at any time until two years after closing.

The warrants will provide for an acceleration clause if the shares trade above a specified price for more than 20 consecutive days. With respect to subscriptions originating from a qualified intermediary, the Company may pay in cash a fee equal to 7% of the subscribed amount.

The private placement use of proceeds will be for transaction expenses (stock exchange fees, legal fees, geology consultant fees) and for exploration expenses to be incurred on the Corporation’s IMV Project. The private placement will not be a Related Party Transaction and the Owners will not participate in the placement.

The Owners of the IMV Project will have 3 representatives on the board of directors of the Corporation, these being the following individuals:

Mr. André Gagné, Mr. Jacques Tremblay and Mr. Daniel Routhier. At closing, Mr. Gagné will become President and CEO, and Mr. Tremblay will become COO, Chief Operating Officer.

ANDRÉ GAGNÉ

Mr. Gagné has acted as a turnaround specialist for all types of businesses, in various business sectors. His great qualities as a manager and negotiator are based on an inclusive approach aimed at balance and consensus between the parties involved. At the end of the negotiation, he presents a Marketing strategy based on the PEB communication strategy which will benefit all those involved in the negotiation.