Arctic Star to Defend Notice of Action

29.04.2025  |  The Newswire

Vancouver, April 28, 2025 - Arctic Star Exploration Corp. ("Arctic Star" or the "Company") reports that it received a Notice of Action and Statement of Claim that has been commenced in the Ontario Superior Court of Justice (the "Litigation Claim"). The Litigation Claim was filed by Robert Shindleman and Sandy Shindleman (together, the "Plaintiffs"), naming Arctic Star as a defendant amongst other parties (the "Defendants").

The Litigation Claim seeks damages in the aggregate amount of $600,000 plus punitive damages and costs. The Litigation Claim relates to a private placement the Company conducted in 2015 (the "Offering") and specifically, whether the Offering constituted an eligible flow-through offering of shares pursuant to the provisions of the Income Tax Act (Canada).

The Company expects to vigorously defend itself against these allegations. The Company denies it is liable as alleged in the Litigation Claim and expressly reserves all of its rights and remedies. Additional updates will be provided in due course.

About Arctic Star

Arctic Star is predominantly a diamond explorer, recently discovering 5 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. The Company continues to look for appropriate diamond opportunities elsewhere.

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 litigation involving the Company. 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 potential litigation. 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. 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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