By Sheri Kasprzak
New York, Feb. 23 - Arctic Star Diamond Corp. said it has increased to C$2.5 million the size of its previously announced C$600,000 private placement.
The company now plans to sell up to 5.5 million flow-through shares at C$0.20 each and up to 7,777,777 non flow-through units at C$0.18 each.
Each non flow-through unit includes 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 up to 2,777,777 units.
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.
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Issue: | Flow-through shares and units of one non flow-through share and one half-share warrant
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Amount: | C$2.5 million
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Pricing date: | Jan. 24
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Upsized: | Feb. 23
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Stock symbol: | TSX Venture: ADD
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Stock price: | C$0.27 at close Feb. 23
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Flow-through shares
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Shares: | 5.5 million
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Price: | C$0.20
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Warrants: | No
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Units
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Units: | 7,777,777
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Price: | C$0.18
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Warrants: | One half-share warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.20
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