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Arctic Star Exploration Corp V.ADD

Alternate Symbol(s):  ASDZF

Arctic Star Exploration Corp. is a natural resource company. It is engaged in the acquisition, exploration, and development of mineral properties. Its projects include Diagras Diamond Project, Timantti Diamond Project, and Stein Diamond Project. The Diagras Diamond Project is located in the north-eastern part of the prolific Lac de Gras kimberlite field, approximately 22 kilometers (km) north-northeast of the Diavik diamond mine and 36 km east of the Ekati diamond mine in the northwestern territories of Canada. The Diagras Property consists of 58 contiguous claims with an area of approximately 48,346 hectares. The Timantti Project is located in Finland, approximately 17 km away from the town of Kuusamo. The project is comprised of two Diamond Bearing Kimberlites: the Black Wolf and White Wolf Kimberlite. The Stein Diamond Property is located approximately 85 km northwest of Taloyoak, Nunavut and consists of four prospecting permits covering an area of approximately 105,637 hectares.


TSXV:ADD - Post by User

Post by knoxton May 03, 2022 12:47am
144 Views
Post# 34650064

provides update on $3.8-million placement

provides update on $3.8-million placement

 

Arctic Star provides update on $3.8-million placement

 

2022-05-02 19:35 ET - News Release

 

Mr. Patrick Power reports

ARCTIC STAR PROVIDES UPDATE ON PRIVATE PLACEMENT FOR GROSS PROCEEDS OF UP TO $3,800,000

Arctic Star Exploration Corp. has received TSX Venture Exchange approval to reallocate a further $500,000 from the number of flow-through units to the non-flow-through units to be sold under its non-brokered private placement originally announced in the company's news releases dated Feb. 10, 2022. The total dollar amount of the private placement remains unchanged at up to $3.8-million.

The private placement now consists of:

 

  • Up to 38,571,429 non FT units at seven cents per non FT unit for gross proceeds of up to $2,700,000.03;
  • Up to 13.75 million FT units at eight cents per FT unit for gross proceeds of up to $1.1-million.

 

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);
  • 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 Feb. 10, 2022, Feb. 28, 2022, March 11, 2022, April 14, 2022, and April 22, 2022, each filed under the company's profile on SEDAR.

Closing of the private placement is subject to certain customary conditions, including, without limitation, approval of the TSX Venture Exchange. 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.

 
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