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Arctic Star Exploration set for C$1.3M raise

Each unit consists of one share and one share purchase warrant, with each whole warrant exercisable into one share for 15 Canadian cents

Arctic Star Exploration Corp -
The funds will be used for general working capital, to explore existing properties and potential future acquisitions, Arctic said

Diamond explorer Arctic Star Exploration Corp (CVE:ADD) (OTCMKTS:ASDZF) is set to bring in up to C$1.3 million gross through a private placing. The funds raised will be used for general working capital, to explore existing properties and potential future acquisitions, the company told investors. 

The firm will issue units at five Canadian cents each on a 1:5 post-consolidated basis, it said. 

Each unit consists of one share and one share purchase warrant, with each whole warrant exercisable into one share for 15 Canadian cents for two years from closing. 

READ: Arctic Star Exploration enjoying success on the ground as it continues hunt for diamonds

Last month, the group revealed that its board of directors had approved a consolidation of its shares on the basis of five pre-consolidated shares for one post consolidated share, subject to TSX Venture Exchange approval.

Arctic Star owns 100% of the Timantti Diamond Project in Kuusamo, Finland.

In August, the firm revealed it had also discovered promising kimberlite signatures in a ground geophysical survey of its second Stein diamond project in Nunavut, the most northerly territory of Canada.

A magnetic survey of the 1,065 square kilometer area on the Southern Boothia Peninsula outlined a series of possible targets with kimberlite-like signatures, it had said.

In fact, the project presented all three of the magnetic signatures frequently representing the potentially diamond-containing rock.

Contact the author at [email protected]

Quick facts: Arctic Star Exploration Corp

Price: 0.03 CAD

TSX-V:ADD
Market: TSX-V
Market Cap: $1.34 m
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Arctic Star Exploration prepares for summer work at Timantti Property in Finland

Arctic Star Exploration (CVE:ADD) President and CEO Patrick Power sat down with Steve Darling from Proactive Investors Vancouver to talk about their groundwork program that will begin at the end of May. Power telling Proactive about the program and what it will consist of, He also talked...

on 10/5/19

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