March 8, 2019 – Vancouver, British Columbia – Arctic Star Exploration Corp. (“Arctic Star” or the “Company”) is pleased to announce that the TSX Venture Exchange (the “TSX-V”) has granted a three (3) week extension to the Company for completion of its non-brokered private placement (the “Private Placement”), previously announced in its News Releases of January 24, 2019, January 25, 2019 and January 30, 2019.
The Company has closed a first tranche of the Private Placement whereby the Company issued 5,840,000 units (the “Units”) for aggregate gross proceeds of $292,000.
The terms of the Private Placement provide for the issuance of up to 12,000,000 Units at a price of $0.05 per Unit, for gross proceeds of up to $600,000. Each Unit will be comprised of one common share in the capital of the Company (each, a “Share”) and one non-transferable share purchase warrant (each, a “Warrant”). Each Warrant will entitle the holder to purchase one additional Share in the capital of the Company (each, a “Warrant Share”) for a period of 24 months from the closing date at an exercise price of $0.08.
The Company further announces that it has increased the number of Units to be issued, such that it will issue up to 17,000,000 Units for proceeds of up to $850,000.
Finder’s fees or brokers’ commissions may be paid in accordance with TSXV policies.
All securities will be subject to a four-month hold period from the closing date. The Private Placement is subject to TSXV approval.
The Company intends to use the proceeds from the Private Placement for development of the Company’s Finland project and for general working capital.
ON BEHALF OF THE BOARD OF DIRECTORS OF
ARCTIC STAR EXPLORATION CORP.
Patrick Power, President & CEO
+1 (604) 218-8772
This news release contains “forward-looking statements” including but not limited to statements with respect to Arctic Star’s plans, the estimation of a mineral resource and the success of exploration activities. Forward-looking statements, while based on management’s best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the risk that the Company is unable to close further tranches of the planned private placement and the Company’s plan to use all or some portion of the proceeds for exploration of the Foriet Diamond Property. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Arctic Star undertakes no obligation or responsibility to update forward-looking statements, except as required by law.
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.