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File: Attachment ARCTIC STAR News Release announcing extension of private placement (Dece....docx

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 TSX-V: ADD
 
 
 Frankfurt: 82A1
WKN: A2DFY5
 
 
 December 31, 2019
 
 
Arctic Star Announces Extension of Private Placement

December 31, 2019 - Vancouver, British Columbia - Arctic Star Exploration Corp. ("Arctic Star" or the "Company") is pl
--->eased to announce that the TSX Venture Exchange (the "TSX-V") has granted a three (3) week extension to the Company fo
--->r completion of its non-brokered private placement (the "Private Placement"), previously announced in its News Release
---> of November 19, 2019.
The terms of the Private Placement provide for the issuance of up to 26,000,000 Units at a price of $0.05 per Unit, fo
--->r gross proceeds of up to $1,300,000.  Each Unit will be comprised of one common share in the capital of the Company (
--->each, a "Share") and one non-transferable share purchase warrant (each, a "Warrant"). Each Warrant will entitle the ho
--->lder to purchase one additional Share in the capital of the Company (each, a "Warrant Share") for a period of 24 month
--->s from the closing date at an exercise price of $0.15.
Finder's fees or brokers' commissions may be paid in accordance with TSXV policies.
All securities will be subject to a four-month hold period from the closing date. The Private Placement is subject to 
--->TSXV approval. 
The Company intends to use the proceeds from the Private Placement for general working capital to explore existing pro
--->perties and possibly for potential future acquisitions.
ON BEHALF OF THE BOARD OF DIRECTORS OF ARCTIC STAR EXPLORATION CORP.
"Patrick Power"
Patrick Power, President & CEO +1 (604) 218-8772 ppower@arcticstar.ca

This news release contains "forward-looking statements" including but not limited to statements with respect to Arctic
---> Star's plans, the estimation of a mineral resource and the success of exploration activities. Forward-looking stateme
--->nts, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause
---> actual results to be materially different from those expressed or implied by such forward-looking statements, includi
--->ng but not limited to the risk that the Company is unable to complete our planned private placement and our planned us
--->e of proceeds. There can be no assurance that such statements will prove to be accurate, as actual results and future 
--->events could differ materially from those anticipated in such statements.  Factors that could affect our plans include
---> our potential inability to raise funds as intended, and in such event we may require all funds raised, if any, to be 
--->used for working capital rather than the intended uses as outlined. Accordingly, readers should not place undue relian
--->ce on forward{{‐ ‐} ‐}looking statements. Arctic Star undertakes no obligation or responsibility to update
---> forward{{‐ ‐} ‐}looking statements, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the 
--->TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.