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.