June 22, 2022 – TheNewswire - Vancouver, British Columbia – Arctic Star Exploration Corp.  (TSXV:ADD) (FRANKFURT:82A1) (WKN:A2DFY5) (“Arctic Star” or the “Company”) further to the Company’s news release dated June 21, 2022, Arctic Star is pleased to confirm that its non-brokered private placement (the “Private Placement”) of units of the Company (the “Units”) at a price of $0.07 per Unit, for gross proceeds of up to $1,000,000 is fully subscribed.

Each Unit will be comprised of one common share in the capital of the Company (each, a “Share”) and one non-transferable share purchase warrant (each, a “Warrant”). Each Warrant is exercisable to purchase one additional Share for a period of 24 months from the closing date at an exercise price of $0.10 per Share.

The Warrants will contain an accelerated option clause that states that if the Shares close at or above $0.30 for 5 consecutive trading days on the TSX Venture Exchange (the “TSXV”), then the Warrants must be exercised within a 60 day period by the warrant holders, or failing which, the Warrants shall expire as null and void.

Subject to conditional approval of the TSXV, the Company expects to close the Private Placement in the week of June 27, 2022.

Closing of the Private Placement is subject to certain customary conditions, including, without limitation, approval of the TSXV. The securities to be issued under the Private Placement will be offered by way of private placement in the provinces of British Columbia, Alberta, and Ontario and such other provinces or territories of Canada as may be determined by the Company, in each case, pursuant to applicable exemptions from the prospectus requirements under applicable securities laws. Securities issued under the Private Placement will be subject to a hold period which will expire four months and one day from the date of closing of the Private Placement.

The Company intends to use the net proceeds from the Private Placement to carry out exploration on its Diagras Joint Venture (81.5% Arctic Star) and for general and corporate purposes.

Kimberlite samples from the Arbutus kimberlite and Sequoia kimberlite have arrived at the SRC (Saskatchewan Research Council) Diamond laboratory in Saskatoon and processing has commenced. The first set of diamond results are expected mid-July.

About Arctic Star

Arctic Star is predominantly a diamond explorer, recently discovering 6 new kimberlites in the prolific Lac De Gras kimberlite field that supports 2 multi-billion dollar kimberlite mining complexes. The Company also has a 958 Ha Exploration permit containing several diamond-bearing kimberlites on its Timantti project, Kuusamo Finland. Arctic Star has optioned its Stein diamond project in Nunavut to GGL diamonds who plans to work once Covid restrictions lift. The Company continues to look for appropriate diamond opportunities elsewhere.

The Diagras project is a joint venture between Arctic Star Exploration Corp. (currently 81.5%) and Margaret Lake Diamonds Inc. (currently 18.5%).

ON BEHALF OF THE BOARD OF DIRECTORS OF
ARCTIC STAR EXPLORATION CORP.

“Patrick Power”

Patrick Power, President & CEO
+1 (604) 218-8772
ppower@arcticstar.ca

This news release contains "forward-looking statements" including but not limited to statements with respect to Arctic Star’s plans, the Private Placement and the use of proceeds. Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the completion of the Private Placement and our plan to use all or some portion of the proceeds for exploration on the Diagras Diamond Project. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Factors that could affect our plans include the possibility that we do not receive final TSXV approval for the Private Placement or we are unable to raise all of the funds we are seeking to raise, in which event we may require all funds raised, if any, to be used for working capital rather than for exploration on the Diagras Diamond Project; and our proposed use of proceeds is subject to receipt of TSXV approval. Accordingly, readers should not place undue reliance on forward-looking statements. Arctic Star undertakes no obligation or responsibility to update forward-looking statements, except as required by law.

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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