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| | Wed Apr 21, 2010
Private Placement and Grant of Options
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| | Arctic Star Diamond Corp. (the "Company") announces that it has arranged a private placement, subject to the approval of the TSX Venture Exchange (the "Exchange"). The private placement consists of up to 15,000,000 units at a price of $0.05 per unit for gross proceeds of $750,000. Each unit consists of one common share of the Company and one non-transferable common share purchase warrant, each warrant entitling the holder to purchase one additional common share of the Company for a period of two years from the closing date at the exercise price of $0.10 per share.
The securities issued pursuant to the placees are subject to a hold period expiring four months from date of issue. Proceeds are to be used in exploration and development of the Company's Attawapiskat Project and Credit Lake Nickel, Copper and Diamond Project and for working capital.
The Company will pay finders' fees in accordance with the policies of the Exchange in connection with this private placement.
The Company also announces that it has granted incentive stock options to its directors, officers and consultants for the purchase of up to 5,000,000 common shares of the Company pursuant to its 2009 Stock Option Plan . Each option is exercisable for a period of 3 years at a price of $0.10 per share.
ON BEHALF OF THE BOARD OF DIRECTORS OF
ARCTIC STAR DIAMOND CORP.
/s/ Patrick Power
Patrick Power, President
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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