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| | Mon May 3, 2010
Arctic Star Closes Unit Private Placement
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| | Arctic Star Diamond Corp. (the "Company" or "Arctic Star") (TSX-V Symbol: ADD) is pleased to announce that on April 29, 2010, it completed its private placement as previously announced on April 21, 2010.
The Company raised gross proceeds of $690,000 through the issuance of 13,800,000 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 (expiring on April 29, 2010) 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 August 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 $51,200 and to Stephanie Carey in the amount of $2,820.
On behalf of the Board of Directors
Arctic Star Diamond Corp.
"Patrick Power"
______________________________
Patrick Power
President, Director
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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