Five Star Diamonds Announces Proposed Private Placement

Toronto, Ontario--(Newsfile Corp. - May 19, 2020) - Five Star Diamonds Ltd. (TSXV: STAR) (the "Company" or "Five Star Diamonds") announces that it is proposing to complete a non-brokered private placement of up to 33,333,333 units of the Company at an offering price of $0.015 per unit for gross proceeds of up to $500,000. Each unit will be 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.

Completion of the offering is subject to the approval of the TSX Venture Exchange.

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.

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