Mr. Robert Card reports

ARROWSTAR CLOSES UNIT PRIVATE PLACEMENT

Arrowstar Resources Ltd., further to the news release dated Aug. 14, 2013, has closed its non-brokered private placement of 1,443,333 units at a price of three cents per unit for proceeds of $43,300. Each unit consists of one common share of the company and one-quarter of a common share purchase warrant, each whole warrant entitling the holder thereof to purchase one additional common share of the company at a price of five cents per share until Oct. 3, 2014.

The company will use the proceeds from the offering to, among other things, meet the financial commitments with respect to the company's working interest in its exploration projects. The estimated use of proceeds is further detailed as set out in the attached table.

                     USE OF OFFERING PROCEEDS
Item                                                                        Amount
 
Payment of rent and utilities including Telus, Shaw, Stockwatch, CNW    $24,485.54
Brooklyn Pacific -- last payment to end contract                             6,000
Website update and maintenance                                               2,000
Transfer agent                                                            3,205.42
TSX Venture Exchange -- fees for private placement                          727.33
Filing fees -- Alaska claims $7,100 (U.S.) at 1.0454                      7,422.34
Total                                                                   $43,840.63

All securities issued under the offering are subject to a four-month hold period ending Feb. 4, 2014, in accordance with applicable securities laws. The company is relying on TSX Venture Exchange's temporary relief measures from pricing requirements, as set out in the exchange's bulletin dated April 12, 2013. In connection with the offering, no finders' fees were paid, and no proceeds will be used to pay related parties of the company. The offering has been approved by the company's board of directors, excluding those directors who participated in the offering.

The company is now pursuing other financing options, including a new placement at higher prices.

We seek Safe Harbor.