Agoracom Blog

Arctic Star $ADD.ca Further Increases Financing to $1.3M $RIO $DIAM.ca $NAR.ca $MPVD.ca

Posted by AGORACOM-Eric at 2:10 PM on Wednesday, February 24th, 2021
Arctic star logo
  • Arctic Star Announces Further Increase To Non-Brokered Private Placement
  • Amended the terms of its previously announced financing described in its press releases of Feb. 2, 2021, Feb. 4, 2021, and Feb. 19, 2021
  • Issue up to 26 million units for gross proceeds of up to $1.3-million.

Arctic Star Exploration Corp. has amended the terms of its previously announced financing described in its press releases of Feb. 2, 2021, Feb. 4, 2021, and Feb. 19, 2021. The company previously disclosed that it would issue up to 17 million units at a price of five cents per unit for gross proceeds of $850,000. Due to further increased demand, the company has increased the number of units to be issued, such that it will issue up to 26 million units 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 10 cents.

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

The company intends to use the proceeds from the private placement for exploration on the Diagras diamond project and for general working capital.

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