Stockwatch

Arctic Star Exploration Corp (4)
Symbol	ADD
Shares Issued	203,067,036
Close 2023-10-12	C$ 0.01
Market Cap	C$ 2,030,670
Recent Sedar Documents

Arctic Star arranges $300,000 private placement

2023-10-12 16:34 ET - News Release

Subject: NR Word Document File: '\\swfile\EmailIn\20231012 132624 Attachment Arctic Star - News Release Announcing $0.01 Unit Private Placement.docx' 3 TSX-V: ADD Frankfurt: 82A1 WKN: A2DFY5 THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES Arctic Star Announces Non-Brokered Private Placement of Units October 12th, 2023 - Vancouver, British Columbia - Arctic Star Exploration Corp. ("Arctic Star" or the "Company") is pleased to announce a non-brokered private placement of up to 30,000,000 units (the "Units") at a price of $0.01 per Unit, for gross proceeds of up to $300,000 (the "Offering"). Each Unit will be comprised of one common share in the capital of the Company (a "Share") and one non-transferable share purchase warrant (a "Warrant"). Each Warrant is exercisable to purchase one additional Share (a "Warrant Share") for a period of 24 months from the closing date at an exercise price of $0.05 per Warrant Share. The Warrants contain an accelerated option clause that states that if the Shares close at or above $0.10 for a period of 20 consecutive trading days on the TSX Venture Exchange (the "TSXV"), then the Company may accelerate the expiry date of the Warrants by issuing a news release announced the reduced Warrant term, pursuant to which the Warrants will expire on the 30th calendar day after the date of such news release. The Company may pay a finder's fee on the Offering within the maximum amount permitted by the policies of the TSXV. The Company may complete multiple closings of the Offering, as subscriptions are received. Each closing is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals. No Insiders (as such term is defined under the policies of the Exchange) or persons conducting investor relations activities are expected to participate in the Offering. Closing of the Offering is subject to certain customary conditions, including, without limitation, approval of the TSXV. The securities to be issued under the Offering will be offered by way of private placement in the provinces of British Columbia, Alberta and Ontario and such other provinces or territories of Canada as may be determined by the Company, in each case, pursuant to applicable exemptions from the prospectus requirements under applicable securities laws. Securities issued under the Offering will be subject to a hold period which will expire four months and one day from the date of closing of the Offering. Among other costs, the Company will use the proceeds from the Offering as follows: (i) 18% will be used to pay legal expenses; (ii) 14% will be used to pay accounting expenses, including an officer of the Company; (iii) 10.6% will be used to pay for geological services, including to a director of the Company; (iv) 13.3% will be used to pay for consulting work; and (v) 33.3% will be used for general working capital. Other than as disclosed above, there are no payments to non-arm's length parties, or to any persons conducting investor relations activities. About Arctic Star Arctic Star is predominantly a diamond explorer, recently discovering 5 new kimberlites in the prolific Lac De Gras kimberlite field that supports 2 multi-billion dollar kimberlite mining complexes. The Company also has a 958 Ha Exploration permit containing several diamond-bearing kimberlites on its Timantti project, Kuusamo Finland. The Company continues to look for appropriate diamond opportunities elsewhere. 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 Offering and the use of proceeds. Forward-looking statements, 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, including but not limited to: risks related to the completion of the Offering and receiving requisite regulatory approvals for the Offering. 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 the possibility that we do not receive final TSXV approval for the Offering or we are unable to raise all of the funds we are seeking to raise. Our proposed use of proceeds is subject to receipt of TSXV approval. Accordingly, readers should not place undue reliance 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.