North Arrow Minerals Inc. (TSX VENTURE:NAR) is pleased to announce the Company has closed a non-brokered private placement of 13,625,000 common shares at a price of $0.40 per common share for total gross proceeds of $5,450,000. This represents an over-subscription of $450,000 to the non-brokered private placement originally announced in a North Arrow news release dated August 26, 2013 with the pricing and structure amendments as announced October 3, 2013. Proceeds from the private placement will be used to finance exploration programs at the Company’s Canadian diamond projects and for general working capital purposes. Insiders of the Company have participated in the private placement on the same terms and conditions as arm’s length subscribers. The Company paid total cash finders’ fees of $29,400 in connection with the financing. All shares issued as part of the private placement are subject to a hold period expiring March 2, 2014.
About North Arrow Minerals
North Arrow is a Canadian exploration company focused on the identification and evaluation of diamond exploration opportunities in Canada. North Arrow’s management, board of directors and advisors have significant successful experience in the Canadian diamond industry. The Company’s diamond projects include the Qilalugaq (Nunavut), Pikoo (Saskatchewan), Redemption and Lac de Gras (NWT), Mel and Luxx (Nunavut) and Timiskaming (Ontario) projects.
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