August 5, 2020

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Dr. Georg Josef Pollert Declares Further Ownership in the Securities of Blue Star Gold Corp.

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Dr. Georg Josef Pollert who is the Blue Star Gold Corp. director and principal shareholder has set an announcement of acquiring ownership of 3,175 Units of the Company at a price of $1,000 per Unit.

According to the details provided, each Unit is comprised of 20,000 Debentures and 20,000 Warrants, with each Warrant convertible into Company’s common shares against the exercise price of $0.075 per Share until July 3, 2023.

As a result of the acquisition of the 3,175 Units, Debentures were issued to Dr. Georg at the principal amount of $3,175,000 and 63,500,000 Warrants.

The Debentures hold annual interest rate of 7.5% which is payable in advance for each year as of issuance date and interest for the first year will be payable from the first day after the issuance date. The company will pay the interest by issuing Shares to Mr. Georg (Acquiror) in a number that is equivalent to a simple annual interest rate of 7.5% based on the market price of the Company’s Shares at the due date after the approval by TSX Venture Exchange and until the Maturity Date.

The Debentures issue to the Acquiror can converted into Shares without any additional consideration. Debentures are convertible in first year at a price of $0.05 per Share and $0.10 per Share in the next two years. While the number of Shares that the company can issue against the amount of interest will depend on the stock market price at the time of conversion.

Mr. George ownership represented approximately 25.03% of the Company’s issued and outstanding Shares before this Private Placement. While he had

  • 35,695,542 Shares,
  • 1,000,000 Options,
  • 34,000,000 Warrants, and
  • 44,000,000 Debentures, and
  • he was conditionally entitled to receive a maximum of 5,435,542 loan bonus shares.

After the new Private Placement on July 3, 2020 and issuance of 3,175 Units, the Mr. Georg now owns

  • 35,695,542 Shares,
  • 1,000,000 Options,
  • 97,500,000 Warrants, and
  • 107,500,000 Debentures, and
  • is conditionally entitled to receive a maximum of 5,435,542 Loan Bonus Shares.

Mr. Georg acquired the Units for investment purposes. He can increase or decrease its ownership of securities as the circumstances or market conditions warrant.

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