pcNewsWire – Arctic Star Exploration Corp. (TSX-V: ADD) has completed its previously announced private placement financing, issuing 1,750,000 units at $0.20 per unit for gross proceeds of $350,000, oversubscribed by $50,000.
Proceeds 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.
News Release
ARCTIC STAR ANNOUNCES CLOSING OF FLOW‐THROUGH PRIVATE PLACEMENT
May 26, 2017 ‐ Arctic Star Exploration Corp, (“Arctic Star” or the “Company”) (TSXV:ADD) announces that it has completed its previously announced private placement financing (the “Financing”), as described in its News Release dated May 23, 2017, pursuant to which it has issued an aggregate 1,750,000 units (each, a “Unit”) at a price of $0.20 per Unit for gross proceeds of $350,000. This total exceeds the amount in our initial news release dated May 23, 2017 by $50,000 as a result of oversubscriptions.
Each Unit consists of one flow‐through common share (each, a “Share”) and one‐half of one nontransferable common share purchase warrant (each, a “Warrant”). Each Warrant is exercisable into one
Share at a price of $0.30 per Share for a period of two years from the date of issuance.
The Company paid cash finder’s fees of $28,000 and issued 140,000 share purchase warrants (the “Finder’s Warrants”) to one finder in connection with the Financing. Each Finder’s Warrant is
exercisable into one Share at a price of $0.30 per Share for a period of two years from the date of issuance.
Proceeds from the Financing 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.
The securities issued under the Financing, and the shares that may be issuable on exercise of the Warrants and Finder’s Warrants, are subject to a statutory hold period expiring on September 27, 2017.
ON BEHALF OF THE BOARD OF DIRECTORS OF ARCTIC STAR EXPLORATION CORP.
“Patrick Power”
Patrick Power, President
(604) 689‐1799
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.
ARCTIC STAR EXPLORATION CORP.
1400 ‐ 1111 W. Georgia St.
Vancouver, BC V6E 4M3
Tel: (604) 689 – 1799
Fax: (604) 689 – 8199
