Mr. Patrick Power reports

ARCTIC STAR ANNOUNCES CLOSING OF THIRD TRANCHE OF PRIVATE PLACEMENT

Arctic Star Exploration Corp. has closed the third tranche of a non-brokered private placement financing it previously announced by news releases dated July 9, 2014, July 21, 2014, and July 28, 2014.

The company issued 4,449,017 non-flow-through units at a price of 12 cents per NFT unit for gross proceeds of $533,882. Each NFT unit consists of one common share in the capital of the company and one-half of one share purchase warrant, with one whole warrant entitling the holder to acquire one additional common share in the capital of the company at a price of 20 cents per warrant share until July 30, 2016.

The company issued a cumulative total of 3,825,000 flow-through units and 10,347,349 NFT units for total gross proceeds of $1,777,182.

The company paid cash finders' fees to certain finders in the amount of $38,400 and issued 320,000 warrants exercisable into additional common shares at a price of 20 cents per finder's warrant share until July 30, 2016.

All securities issued in the offering will be subject to a statutory hold period expiring Dec. 1, 2014.

The company intends to use the proceeds from the offering for general corporate purposes and to investigate potential new projects for the company. The company will use the flow through funds for a new project in Canada, which the company has yet to acquire.