Goldstar Minerals, Soon Green Mining Innovation Symbol GMI

(TSX-V : GDM) (GDMIF. : OTCM)

QUEBEC CITY, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Goldstar Minerals Inc. (TSX-V : GDM) (the "Company") announces that the TSX Venture Exchange (the "TSX-V") has approved its previously announced name change from "Goldstar Minerals Inc." to "Green Mining Innovation". Starting on November 9, 2023, the stock will trade under the symbol GMI.

The new CUSIP number will be 39312G105, and the new ISIN number will be CA39312G1054 under the new company name. The company's share capital remains unchanged.

Company Update

The Company announces that the TSX Venture Exchange ("TSX-V") has given approval for the Company's previous announcement: (i) the non-brokered private placement of 9 166 666 units (the "Placement") which closed on August 15, 2023, for a total gross proceeds of $550 000 (press release issued on August 18, 2023, for more details);

and (ii) the purchase and sale agreement (the "Acquisition Agreement") dated January 27, 2023, as amended, under which the Company acquired (the "Acquisition") a 100% interest in the I.M.V. Project on August 15, 2023, in exchange for the issuance of 18 000 000 common shares (each being a "Share") of the Company (press releases issued on May 11 and August 18, 2023, for more details).

The Company paid a finder's fee of 900 000 Shares in connection with the Acquisition.

An insider of the Company subscribed for a total of 1 185 000 units under the Placement, which constituted a "related party transaction" within the meaning of Regulation 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101").

The issuances to the insider are exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in Section 5.5(b) since the Company's shares are not listed on a specified market, and from the requirement for minority shareholder approval of MI 61-101 pursuant to the exemption in Section 5.7(a) of MI 61-101, in that the fair market value of the consideration for the securities issued to related parties does not exceed 25% of the Company's market capitalization.

The Company has not filed a material change report more than 21 days before the expected closing of the Placement and the Acquisition, as the details of the transactions and the participation of the Company's insiders were only settled shortly prior to closing and the Company wanted to close the transactions quickly for sound business reasons.