02:11:34 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Arctic Star Exploration Corp (3)
Symbol ADD
Shares Issued 106,511,363
Close 2019-01-30 C$ 0.05
Market Cap C$ 5,325,568
Recent Sedar Documents

Arctic Star closes $292,000 first tranche of financing

2019-01-30 20:24 ET - News Release

Mr. Patrick Power reports

ARCTIC STAR ANNOUNCES CLOSING OF FIRST TRANCHE OF PRIVATE PLACEMENT

Arctic Star Exploration Corp. has completed the first tranche of its previously announced non-brokered private placement, as described in its news release dated Jan. 24, 2019, pursuant to which it has issued an aggregate of 5.84 million units at a price of five cents per unit for gross proceeds of $292,000. Each unit consists of one common share in the capital of the company and one non-transferable share purchase warrant. Each warrant is exercisable into one additional share at a price of eight cents per share for a period of two years from the closing date. The company intends on completing additional tranches of the private placement. The securities issued under the private placement and the shares that may be issuable on exercise of the warrants are subject to a statutory hold period expiring on May 30, 2019.

The company paid a cash finder's fee of $2,000 to a certain finder and issued 40,000 share purchase warrants to one finder in connection with the first tranche of the private placement. Each finder's warrant is exercisable into one share at a price of eight cents per share for a period of two years from the date of issuance.

The company plans 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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