November 19, 2019 – Arctic Star Exploration Corp, (“Arctic Star” or the “Company”) (TSXV:ADD) announces that the Company has arranged for a private placement for gross proceeds of up to $1,300,000, issuing units at $0.05 per unit on a post 1 for 5 consolidated basis (see Company news release dated October 30, 2019). Each unit will be comprised of one common share and one common share purchase warrant, with each whole warrant exercisable into one common share at a price of $0.15 for a period of two years from closing.
All securities will be subject to a four-month hold period from the closing date. Finder’s fees may be paid in accordance with the TSXV policies. The private placement is subject to the approval of the TSXV.
Proceeds of the private placement will be used for general working capital, to explore existing properties and possibly for potential future acquisitions.
ON BEHALF OF THE BOARD OF DIRECTORS OF
ARCTIC STAR EXPLORATION CORP.
Patrick Power, President
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: risks related to the completion of our planned share consolidation, our planned private placement and our planned use of proceeds. 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. Factors that could affect our plans include our potential inability to raise funds as intended, and in such event we may require all funds raised, if any, to be used for working capital rather than the intended uses as outlined. 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.