Arctic Star Provides Update on Private Placement for Gross Proceeds of up to $3,800,000

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$432/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Return to homepage

(TheNewswire)

Arctic Star Exploration Corp.

May 2, 2022 – TheNewswire - Vancouver, British Columbia – Arctic Star Exploration Corp.  (TSXV:ADD) (Frankfurt:82A1) (WKN:A2DFY5) (“Arctic Star” or the “Company”) announces that it has received TSX Venture Exchange (“TSXV”) approval to re-allocate a further $500,000 from the number of flow-through units (the “FT Units”) to the non-flow through units (the “Non-FT Units” and, together with the FT Units, the “Units”) to be sold under its non-brokered private placement (the “Private Placement”) originally announced in the Company’s news releases dated February 10, 2022. The total dollar amount of the Private Placement remains unchanged at up to $3,800,000.

The Private Placement now consists of:

  • up to 38,571,429 Non-FT Units at $0.07 per Non-FT Unit for gross proceeds of up to $2,700,000.03; and 

  • up to 13,750,000 FT Units at $0.08 per FT Unit for gross proceeds of up to $1,100,000. 

Pursuant to tranche 1 and tranche 2 of the Private Placement, the Company has sold and issued:

  • 20,858, 287 Non-FT Units (leaving a balance of up to 17,713,142 Non-FT Units); and 

  • 6,725,000 FT Units (leaving a balance of up to 7,025,000 FT Units). 

The Company expects to close the third and final tranche of the Private Placement on or before May 6, 2022.

For further details on the Private Placement, see the Company’s news releases dated February 10, 2022, February 28, 2022, March 11, 2022, April 14, 2022 and April 22, 2022, each filed under the Company’s profile on SEDAR at https://www.sedar.com.

Closing of the Private Placement is subject to certain customary conditions, including, without limitation, approval of the TSXV. The securities to be issued under the Private Placement will be offered by way of private placement in the provinces of British Columbia, Alberta and Ontario and such other provinces or territories of Canada as may be determined by the Company, in each case, pursuant to applicable exemptions from the prospectus requirements under applicable securities laws. Securities issued under the Private Placement will be subject to a hold period which will expire four months and one day from the date of closing of the Private Placement.

ON BEHALF OF THE BOARD OF DIRECTORS OF
ARCTIC STAR EXPLORATION CORP.

“Patrick Power”

Patrick Power, President & CEO
+1 (604) 218-8772
[email protected]

This news release contains "forward-looking statements" including but not limited to statements with respect to Arctic Star’s plans, the private placement and the use of proceeds. 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 the Private Placement and our plan to use all or some portion of the proceeds for exploration on the Diagras Diamond Project. 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 the possibility that we do not receive final TSXV approval for the Private Placement or we are unable to raise all of the funds we are seeking to raise, in which event we may require all funds raised, if any, to be used for working capital rather than for exploration on the Diagras Diamond Project; and our proposed use of proceeds is subject to receipt of TSXV approval. 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.

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

Copyright (c) 2022 TheNewswire - All rights reserved.