Groundstar Resources Limited (TSXV:GSA) announced has entered into a letter of intent for a private placement of up to 25,000,000 common shares at CAD 0.02 per share for gross proceeds of up to CAD 500,000 on July 12, 2017. The transaction announcement made concurrent to the reverse merger with a private company to acquire certain oil and gas assets located in Rainbow Lake and Farrell, Alberta.