Arctic Star Exploration Corp. announced a non-brokered private placement of 14,285,714 units at a price of CAD 0.07 per unit for gross proceeds of up to CAD 1,000,000 on June 21, 2022. Each unit is comprised of one common share and one non-transferable share purchase warrant, entitling the holder to acquire one common share for a period of 2 years from closing at a exercise price of CAD 0.1 per share.

The Company may pay a finder's fee on the within the maximum amount permitted by the policies of the TSXV. The Company may complete multiple closings of the private placement, as subscriptions are received. Each closing is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals.

The closing of the private placement is subject to certain customary conditions, including, without limitation, approval of the TSXV. The securities to be issued under the private placement will be offered by way in the provinces of British Columbia, Alberta and Ontario and such other provinces or territories of Canada as may be determined by the Company, in each case, pursuant to applicable exemptions from the prospectus requirements under applicable securities laws. The securities issued under the private placement will be subject to a hold period which will expire four months and one day from the date of closing.