Royalstar to sell 2.9 million shares

Royalstar Resources (VSE) says it has reached agreement-in-principle with Credit Lyonaisse Lang of the United Kingdom whereby the latter will act as agent in the sale of 2.9 million Royalstar shares at 70 cents per share, for gross proceeds of about $2 million. The agreement is subject to applicable approvals. The company said it will not proceed with the proposed private placement of 500,000 shares at 50 cents each announced in September.