Mr. Patrick Power reports

ARCTIC STAR ANNOUNCES EXTENSION OF PRIVATE PLACEMENT

The TSX Venture Exchange has granted Arctic Star Exploration Corp. a three-week extension for completion of its non-brokered private placement, previously announced in its news release of Nov. 19, 2019.

The terms of the private placement provide for the issuance of up to 26 million units at a price of five cents per unit, for gross proceeds of up to $1.3-million. Each unit will comprise 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 15 cents.

Finders' fees or brokers' commissions may be paid in accordance with TSX-V policies.

All securities will be subject to a four-month hold period from the closing date. The private placement is subject to TSX-V approval.

The company intends to use the proceeds from the private placement for general working capital to explore existing properties and possibly for potential future acquisitions.

We seek Safe Harbor.