By Sheri Kasprzak
New York, Feb. 28 - Arctic Star Diamond Corp. said it upsized to C$2.85 million its previously announced private placement.
The company now plans to sell 7.25 million flow-through shares at C$0.20 each and 7,777,777 units at C$0.18.
The units consist of one share and one half-share warrant. The whole warrants are exercisable at C$0.20 each for two years.
The deal priced Jan. 24 as a C$600,000 offering of up to 500,000 flow-through shares and 2,777,777 units. It was upsized on Feb. 23 to C$2.5 million.
Proceeds will be used for diamond exploration and for working capital.
Based in Vancouver, B.C., Arctic Star is a diamond exploration company.
| Issuer: | Arctic Star Diamond Corp.
|
| Issue: | Flow-through shares and units of one non flow-through share and one half-share warrant
|
| Amount: | C$2.85 million
|
| Pricing date: | Jan. 24
|
| Upsized: | Feb. 23
|
| Upsized: | Feb. 28
|
| Stock symbol: | TSX Venture: ADD
|
| Stock price: | C$0.27 at close Feb. 23
|
| Stock price: | C$0.26 at close Feb. 28
|
|
|
| Flow-through shares
|
| Shares: | 7.25 million
|
| Price: | C$0.20
|
| Warrants: | No
|
|
|
| Units
|
| Units: | 7,777,777
|
| Price: | C$0.18
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20
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