Mr. Patrick Power reports
ARCTIC STAR ANNOUNCES STATUS OF PRIVATE PLACEMENT AND GRANT OF STOCK OPTIONS
Arctic Star Exploration Corp.'s private placement of $850,000, further to its news releases of Jan. 24, 2019, Jan. 25, 2019, Jan. 30, 2019, and March 11, 2019, has been oversubscribed and the second tranche is anticipated to close in the next few days.
The company previously 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 17 million units at a price of five cents per unit, for gross proceeds of up to $850,000. Each unit comprises 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 intends to use the proceeds from the private placement for development of the company's Timantti diamond project in Finland and for general working capital.
The company also announces that it has granted an aggregate of 3.45 million stock options to its directors, employees and consultants for the purchase of up to 3.45 million common shares of the company pursuant to its stock option plan. Each option is exercisable for a period of five years at a price of eight cents per common share.
We seek Safe Harbor.
© 2019 Canjex Publishing Ltd. All rights reserved.