pcNewsWire – Arctic Star Exploration Corp (TSX-V: ADD) intends to close a non‐brokered private placement financing of 1,500,000 flow‐through (FT) units at $0.20 per FT unit for proceeds of $300,000.
Proceeds from the sale of the FT units will be used to incur diamond exploration expenditures in Lac de Gras located in the North West Territories and to incur niobium exploration expenditures at the Company’s property in North‐East British Columbia.
ARCTIC STAR ANNOUNCES FLOW‐THROUGH PRIVATE PLACEMENT
May 23, 2017 ‐ Arctic Star Exploration Corp, (“Arctic Star” or the “Company”) (TSXV:ADD) is pleased to announce a non‐brokered private placement financing of $300,000 (the “Private Placement”).
The Private Placement will consist of the issuance of 1,500,000 flow‐through units of the Company (each, a “FT Unit”), at $0.20 per FT Unit for proceeds of $300,000, with each FT Unit consisting of one flow‐through common share of the Company and one‐half of one non‐transferable common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder to purchase one non‐flow through common share of the Company at a price of $0.30 for a period of 24 months following the closing date.
It is anticipated that the Private Placement will close shortly and is subject to TSX Venture Exchange (“TSXV”) approval.
The Company will pay a cash finder’s fee of 8% cash and 8% share purchase warrants (the “Finder’s Warrants”) to a certain finder. Each Finder’s Warrant is exercisable into one Share at a price of $0.20 per Share for a period of two years from the date of issuance.
All of the securities issued pursuant to the Private Placement will be subject to a restricted period of four months and one day from the date of closing.
The Company intends to use the proceeds from the sale of the FT Units to incur diamond exploration expenditures in Lac de Gras located in the North West Territories and to incur niobium exploration expenditures at the Company’s property in North‐East British Columbia.
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.
SOURCE: Arctic Star Exploration Corp