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Star Scientific, Inc. Arranges a $15 Million Credit Facility
Date:12/31/2013

GLEN ALLEN, Va., Dec. 31, 2013 /PRNewswire/ -- Star Scientific, Inc., (NASDAQ: STSI) announced that today it has entered into a Letter of Intent for a $15 million Credit Facility with Jonnie R. Williams, Sr. the Company's founder and its former CEO.  The Credit Facility extends through April 15, 2015. 

(Logo: http://photos.prnewswire.com/prnh/20130319/PH79245LOGO )

Under the Credit Facility, the Company can borrow up to $10 million without shareholder approval. The remaining $5 million under the Credit Facility may require shareholder approval under the NASDAQ Rules.

Borrowings under the Credit Facility will be evidenced by an unsecured, two-year corporate note ("Note") bearing interest at 5% per annum.  Notes under the Credit Facility will be convertible into Common Stock at $1.25 per share, (the closing bid price for the Company's common stock on December 30, 2013, the day prior to the execution of the Letter of Intent), together with an equal number of warrants to purchase Common Stock at the same price.  As consideration for the Credit Facility, the Company agreed to issue 6 million warrants with a strike price of $1.25. 

The closing and availability of the Credit Facility is subject to NASDAQ approval in accordance with Rule 5250(e), execution of definitive agreements and satisfaction of customary closing conditions.  The transaction is scheduled to close upon completion of NASDAQ review, but no later than January 31, 2014.  

Certain statements contained in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to statements identified by words such as "
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SOURCE Star Scientific, Inc.
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