North Arrow Minerals Inc. (TSX-V-NAR) announces that it has closed the non-brokered private placement of non-flow-through units announced on November 21, 2022. The concurrent non-brokered flow-through private placement also announced on November 21, 2022 has been cancelled.
The Company has issued 16,700,000 units priced at $0.05 per unit for gross proceeds of $835,000. Each Unit issued under the private placement consisted of one common share in the capital of the Company and one transferrable common share purchase warrant. Each Warrant entitles the holder thereof to purchase one additional common share of the Company at a price of $0.10 for a period of 24 months up to December 28, 2024. If, commencing on the date that is four months after the date of issue of the Warrants, the closing price of North Arrow’s shares is at or above $0.20 for 10 consecutive trading days, the expiry date of the Warrants may be accelerated to the day that is 30 trading days after the acceleration trigger date.
Insiders and advisors of the Company participated in the private placement on the same terms and conditions as non-arm’s length subscribers, subscribing for a total of 12,000,000 Units for aggregate proceeds of $600,000.
Proceeds from the private placements will be used to advance North Arrow’s Canadian diamond projects, including the Pikoo diamond project, and for general corporate purposes.
In connection with the private placement, the Company paid finders fees of $4,500 and issued 90,000 finder’s warrants. Each Finder’s Warrant has the same terms and conditions as a Warrant. All securities issued in the private placement are subject to a hold period expiring on April 29, 2023.
About North Arrow Minerals
North Arrow is a Canadian based 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 global diamond industry. North Arrow’s most advanced diamond project is the Q1-4 diamond deposit at the Naujaat Project (NU), where diamonds recovered from a $5.6M, 1,814 tonne bulk sample are currently being evaluated. North Arrow has also discovered and is evaluating diamond bearing kimberlites at the Pikoo (SK), Mel (NU), Loki (NWT) and LDG JV Projects (NWT). North Arrow also maintains a 100% interest in the Hope Bay Oro Gold Project (NU), located approximately 3 km north of Agnico Eagle’s Doris Gold Mine. North Arrow’s exploration programs are conducted under the direction of Kenneth Armstrong, P.Geo., President and CEO of North Arrow and a Qualified Person under NI 43-101. Mr. Armstrong has reviewed and approved the technical contents of this press release.
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