Megastar Development Corp. has closed on a financing in the amount of $672,600 by way of non-brokered private placement. Under the terms of the placement, Megastar has issued 11,210,000 units at a price of $0.06 per unit. Each unit is comprised of one common share of the Company and one non-transferable share purchase warrant. Each warrant will allow the holder the ability to purchase an additional common share of the Company at a price of $0.10. The warrants are good for a period of 24 months, however, should the common shares close at or above $0.20 for a period of 10 consecutive days, the Company may accelerate the expiry date of the warrants to 30 days from such notice.