Five Star Diamonds Announces Initial Closing of Private Placement and Provides Update on Name Change and Filing of Audited Financial Statements

Toronto, Ontario--(Newsfile Corp. - June 10, 2020) - Five Star Diamonds Ltd. (TSXV: STAR) (the "Company" or "Five Star Diamonds") announces that it is has completed the initial tranche of its previously announced non-brokered private placement issuing 28,868,333 units of the Company at a price of $0.015 per unit for gross proceeds of $433,025.

Each unit is comprised of one common share of the Company and one common share purchase warrant with each warrant exercisable for one common shares at a price of $0.05 per share for a period of 12 months from closing.

All the securities issued under the offering will be subject to a four month hold period expiring October 11, 2020. The offering is subject to the final acceptance of the TSX Venture Exchange ("TSXV").

Name Change

The Company is also pleased to announce that it has completed the previously announced name change of the Company to Aranjin Resources Ltd. The Company expects that its common shares will commence trading on the TSXV under the new trading symbol "ARJN" on Friday June 12, 2020.

Annual Financial Statements

The Company has filed its audited consolidated financial statements for the financial year ended December 31, 2019. The full version of the Audited Consolidated Financial Statements and Management's Discussion & Analysis can be viewed under the Company's profile on SEDAR at www.sedar.com.

On behalf of the Board
Matthew Wood
Chairman
Five Star Diamonds Limited
+1.647.981.1703

NEITHER 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/57621