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Arctic Star soars as it raises C$850,000 for exploration in Finland

Shares of the junior company were up in Thursday's trading
rough diamond
The company is exploring for diamonds in Finland

Arctic Star Exploration Corp (CVE:ADD) (OTCMKTS:ASDZF) jumped Thursday as it announced it raised C$850,000 to help fund exploration work at its Timantti diamond project in Finland.

The company announced that the private placement has been oversubscribed and that the second tranche is expected to close within a few days.

Shares of Arctic Star gained 33% to C$0.10 in Toronto and climbed 27% to US$0.07 on the OTC Markets in afternoon trading.

READ: Arctic Star Exploration boosts private placement

The Vancouver-based junior announced that it issued 17 million shares at C$0.05.

Under the terms of the deal, each unit consists of one common share and one warrant, which will entitle the holder to purchase additional shares of capital for C$0.08 for 24 months from the closing date.

The exploration company also granted 3.5 million stock options to its directors, employees and consultants, exercisable at C$0.08 for five years.

Contact Angela at [email protected]

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