FINANCE – Redstar Gold Corp. May 28 reported the closing of a C$3.31 million non-brokered private placement consisting of 55.13 million units at C6 cents per unit. The company plans to use the proceeds from this financing to advance its Unga gold project in Southwest Alaska and for general working capital. A surface work program on Unga is planned for this summer, to be followed by a drilling program later this year, and into 2015. Redstar reports that institutional participation represents 89 89 percent of this private placement. Geologic Resource Partners LLC, a mining investment fund based in Boston, acquired 28.33 million units representing approximately 15.7 percent of Redstar’s issued and outstanding shares following the closing of the placement. Redstar reports that three highly respected European fund managers also participated in the financing. Additionally, Redstar Chairman Jacques Vaillancourt, through wholly owned Mount Everest Finance SA, purchased 2.5 million units and separately purchased 1.9 million shares in the open market thereby increasing his holdings to 25.4 million shares. Each unit of the private placement consists of one common share and two transferable one-half purchase warrants (Warrant A and Warrant B). Each whole warrant A can be exercised into one common share of Redstar at a price of C9 cents per share for 12 months from the closing. Each whole warrant B can be exercised into one common share of Redstar at C12 cents per share for 30 months from the closing, and are subject to accelerated expiry after 18 months. Redstar paid finders’ fees in the amount of C$64,080 in association with the financing.