Arctic Star Exploration Corp (CVE:ADD) said it has completed the second and final tranche of its non-brokered private placement, raising a total of C$727,936.10, from the issue of a total of 7,279,361 units at C$0.10 each.
This brings the total raised from both the first and second tranches to C$1,692,936.10.
READ: Arctic Star kicks off diamond exploration program at Timantti diamond project
In a statement, the company said each unit issued comprises one common share in the capital of the Company and one non-transferable share purchase warrant.
Each Warrant is exercisable into one additional share at a price of C$0.15 per share for a period of 24 months from the closing date.
The Private Placement was oversubscribed. The securities and the shares that may be issuable on exercise of the warrants, are subject to a statutory hold period which expires on March 24, 2018.
Funds will be used for Timantti Diamond project exploration
Proceeds from the private placement will be used for exploration on its 100% owned Timantti Diamond Project in Finland, and for general working capital.
The project lies within the Karelian Craton, which hosts the Grib and Lomonosov diamond mines.
President and CEO, Scott Eldridge said: "Having closed our oversubscribed financing, we now look forward to exploration results being generated from Timantti, which is one of the last known district-scale diamond fields in the world, that's near infrastructure.
"Previous activity has already identified diamonds at surface and diamond-bearing kimberlites on only a small portion of our extensive land package."
In addition to the recently acquired Timantti diamond project, it also owns a 95,700-hectare exploration reservation near the township of Kuusamo in Finland. It also controls diamond exploration properties in Nunavut (Stein), the Northwest Territories (Diagras and Redemption) and a rare metals project in British Columbia (Cap).