Mr. Patrick Power reports
ARCTIC STAR ANNOUNCES EXTENSION OF PRIVATE PLACEMENT AND INCREASE IN OFFERING
The TSX Venture Exchange has granted a three-week extension to Arctic Star Exploration Corp. for completion of the company's non-brokered private placement, previously announced in its news releases of Jan. 24, 2019, Jan. 25, 2019, and Jan. 30, 2019.
The company has closed a first tranche of the private placement whereby the company issued 5.84 million units for aggregate gross proceeds of $292,000.
The terms of the private placement provide for the issuance of up to 12 million units at a price of five cents per unit, for gross proceeds of up to $600,000. Each unit will be composed of one common share in the capital of the company and one non-transferable share purchase warrant. Each warrant will entitle the holder to purchase one additional share in the capital of the company for a period of 24 months from the closing date at an exercise price of eight cents.
The company further announces that it has increased the number of units to be issued, such that it will issue up to 17 million units for proceeds of up to $850,000.
Finders' fees or brokers' commissions may be paid in accordance with TSX-V policies.
All securities will be subject to a four-month hold period from the closing date. The private placement is subject to TSX-V approval.
The company intends to use the proceeds from the private placement for development of the company's Finland project and for general working capital.
We seek Safe Harbor.
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