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| | Mon Apr 5, 2010
Arctic Star Closes Unit Private Placement
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| | Vancouver, BC --April 5, 2010 -- Arctic Star Diamond Corp. (TSX-V Symbol: ADD) is pleased to announce that on March 29, 2010, it completed its unit private placement as previously announced on March 5, 2010 and March 25, 2010.
The Company raised gross proceeds of $735,000 through the issuance of 14,700,000 units at a price of $0.05 per unit (each, a "Unit"). Each Unit consists of one common share of the Company and one non-transferable common share purchase warrant (each, a "Warrant"). Each Warrant entitles the holder thereof to purchase one additional common share of the Company for a period of two years at an exercise price of $0.10 per common share.
All the securities issued in connection with this private placement are subject to a hold period expiring on July 30, 2010.
The proceeds of the financing will be used for exploration and development of the Company's Attawapiskat Project and Credit Lake Nickel, Copper and Diamond Project and for working capital.
The Company paid finders' fees in connection with this private placement to Canaccord Financial Ltd. in the amount of $22,500 and to Goodliffe Capital Inc. in the amount of $32,625.
For a more complete business and financial profile of the Company, management encourages interested parties to view the Company's documents posted on www.sedar.com.
On behalf of the Board of Directors
"Patrick Power"
______________________________
Patrick Power
President & Chief Executive Officer
Neither the 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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