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CW16487242.1



TSX-V: ADD
Frankfurt: 82A1
WKN: A2DFY5
April 5, 2021

Arctic Star Announces Closing of Non-Brokered Private Placement
April 5, 2021 - Vancouver, British Columbia - Arctic Star Exploration Corp. ("Arctic Star" or the "Company") is please
--->d to announce that it has completd its previously announced non-brokered private placement (the "Private Placement"), 
--->as described in its press releases of February 2, 2021, February 4, 2021, February 19, 2021, February 24, 2021, March 
--->2, 2021 and March 18, 2021, pursuant to which it has issued an aggregate of 40,000,000 units (each, a "Unit") at a pri
--->ce of $0.05 per Unit for gross proceeds of $2,000,000.  Each Unit consists of one common share in the capital of the C
--->ompany (each, a "Share") and one non-transferable share purchase warrant (each, a "Warrant"). Each Warrant is exercisa
--->ble into one additional Share at a price of $0.10 per Share for a period of two years from the closing date.
The Company paid cash finder's fees of an aggregate of $51,100 and issued an aggregate of 1,022,000 share purchase war
--->rants (each, a "Finder's Warrants") to certain finder's in connection with the closing of the Private Placement.  Each
---> Finder's Warrant is exercisable into one Share at a price of $0.10 per Share for a period of two years from the date 
--->of issuance, in connection with the Private Placement.
The Company intends to use the proceeds from the Private Placement for exploration on the Diagras Diamond Project and 
--->for general working capital.
A certain insider of the Company subscribed for a total of 1,734,000 Units under the Private Placement, which is a "re
--->lated party transaction" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders 
--->in Special Transactions ("MI 61-101"). The issuances to the insiders are exempt from the valuation requirement of MI 6
--->1-101 by virtue of the exemption contained in section 5.5(b) as the Company's shares are not listed on a specified mar
--->ket and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in secti
--->on 5.7(a) of MI 61-101 in that the fair market value of the consideration of the securities issued to the related part
--->ies did not exceed 25% of the Company's market capitalization.
The securities issued under the Private Placement, and the shares that may be issuable on exercise of the Warrants, ar
--->e subject to a statutory hold period expiring on August 1, 2021.
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
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.