By Sheri Kasprzak
Atlanta, Oct. 18 - Arctic Star Diamond Corp. has closed a C$1.7 million private placement, the company announced Monday.
The deal was done through the sale of 4.25 million flow-through shares at C$0.40. The total includes an over subscription of 250,000 flow-through shares.
The shares and any shares issued on warrants are subject to hold periods expiring Jan. 17, 2005 for 2.5 million shares; Jan. 29, 2005 for 500,000 shares and Feb. 15, 2005 for 1.25 million shares.
Arctic Star, based in Vancouver, B.C., is a diamond exploration company. The company plans to use the funds for diamond exploration projects in Canada.
| Issuer: | Arctic Star Diamond Corp.
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| Issue: | Stock
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| Amount: | C$1.7 million
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| Shares: | 4.25 million flow-through shares
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| Price: | C$0.40
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| Announcement date: | Oct. 18
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| Stock price: | C$0.37 at close Oct. 18
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