2 May 2016
North Arrow Minerals Inc. (TSXV-NAR) announces it has signed a binding letter of intent with Athabasca Nuclear Corp. (TSXV-ASC) to sell mineral claims covering two northern Canadian lithium prospects.
Under terms of the letter of intent, North Arrow will sell its 100% interest in the Torp Lake, Nunavut and Phoenix, Northwest Territories mineral claims for 2,500,000 common shares of Athabasca at a deemed value of $0.08 per common share. As additional consideration, North Arrow will also receive 1,000,000 common share purchase warrants, each warrant entitling North Arrow to purchase one common share of Athabasca for $0.20 for a period of two years from the date of closing the transaction. Closing of the transaction is subject to the completion of definitive documentation and any required regulatory approvals.