Arctic Star Exploration Corp (CVE:ADD, OTCQB:ASDZF) announced Monday it was bolstering its non-brokered private placement and will issue up to 17 million units to raise up to C$850,000.
The company said funds raised will be used to expand development of the company's Finland project and for general working capital.
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 C$0.08.
The company announced it had closed the first tranche of its private placement, issuing 5,84 million units, raising C$292,000 and has been granted a three-week extension by the TSX Venture Exchange to complete the placement.
The company said all securities will be subject to a four-month hold period from the closing date.
Arctic Star owns 100% of its recently acquired Timantti diamond project, including a 243-hectare exploration permit and a 193,700-hectare exploration reservation near the town of Kuusamo, in Finland.
Shares of Arctic Star were up 30% at C$0.07 on Monday.
Contact Katie Lewis at [email protected]