July 30, 2014 – Arctic Star Exploration Corp. (TSXV: ADD) (the “Company” or “Arctic Star”) announces that it has closed the third tranche of a non-brokered private placement financing (the “Offering”) it previously announced by news releases dated July 9, 21, and 29, 2014.
The Company issued 4,449,017 non-flow-through units (each, a “NFT Unit”) at a price of $0.12 per NFT Unit for gross proceeds of $533,882. Each NFT Unit consists of one common share in the capital of the Company and one-half of one share purchase warrant (a “Warrant”), with one whole Warrant entitling the holder to acquire one additional common share in the capital of the Company (a “Warrant Share”) at a price of $0.20 per Warrant Share until July 30, 2016.
The Company issued a cumulative total of 3,825,000 flow-through units and 10,347,349 NFT Units for aggregate gross proceeds of $1,777,182.
The Company paid cash finders’ fees to certain finders in the amount of $38,400 and issued 320,000 warrants (the “Finders’ Warrants”) exercisable into additional common shares (“Finders’ Warrant Shares”) at a price of $0.20 per Finders’ Warrant Share until July 30, 2016.
All securities issued in the Offering will be subject to a statutory hold period expiring December 1, 2014.
The Company intends to use the proceeds from the Offering for general corporate purposes and to investigate potential new projects for the company. The Company will use the flow through funds for a new project in Canada, which the Company has yet to acquire
ON BEHALF OF THE BOARD OF DIRECTORS OF ARCTIC STAR EXPLORATION CORP.
Patrick Power, President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.