(via TheNewswire)
The Company has now closed the second tranche of the Private Placement pursuant to which it has sold andissued a total of 15,696,857 common shares in the share capital of the Company (the “Shares”) and 14,184,357 share purchase warrants (the “Warrants”), as follows:
Non-FT Units consisting of 12,671,857 Shares and 12,671,857 Warrants. Each Warrant is exercisable to purchase one Share, at
$0.10 per Share, untilApril 8, 2024 or earliersubject to an accelerated option clause (theAcceleration Clause”). Pursuant to the Acceleration Clause, if the Shares close at or above$0.30 for five consecutive trading days on theTSX Venture Exchange (theTSXV”),then the Warrants must be exercised within a 60-day period by the warrant holders, or failing which, the Warrants shall expire as null and void.FT Units consisting of 3,025,000Shares and 1,512,500. These Shares were issued as “flow-throughshares” within the meaning of theIncome Tax Act(
Canada ). EachWarrant is exercisable to one Share, at$0.15 per Share until onApril 8, 2024 or earliersubject tothe Acceleration Clause.
The Company paid aggregate cash finders’ fees of
All securities issued in connection with the second tranche of the Private Placement are subject to a statutory hold period expiring on
Together with the first tranche Private Placement that closed on
20,858,287 Non-FT Units for gross proceeds of
$1,460,080.09 and, further to the re-allocation of the Units, the balance to be sold under the Private Placement is 10,570,285 Non-FT Units ($739,919.95 ).6,725,000 FT Units for gross proceeds of
$538,000 and, further to the re-allocation of the Units, the balance to be sold under the Private Placement is 13,275,000 FT Units ($1,062,000 ).
In aggregate, theCompanypaid cash finders’ fees of
The Company intends to complete in further tranche(s) by
All securities issued in connection with the Private Placement are subject to a statutory hold period in accordance with applicable securities legislation.
For further details of the Private Placement and the terms of the Units, see the Company’s news releases dated
ON BEHALF OF THE BOARD OF DIRECTORS OF
“Patrick Power”
+1 (604) 218-8772
ppower@arcticstar.ca
This news release contains "forward-looking statements" including but not limited to statements with respect to Arctic Star’s plans, the Private Placement and the use of proceeds. Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the completion of the Private Placement and our plan to use all or some portion of the proceeds for exploration on the
Neither the
NOT FOR DISSEMINATION IN
Copyright (c) 2022 TheNewswire - All rights reserved.
Copyright (c) 2022 TheNewswire - All rights reserved., source