North Arrow announces non-brokered C$1.19 million private placement financing
11 July 2019
North Arrow Minerals Inc. announces that it has arranged a non-brokered private placement of up to 17,000,000 units priced at $0.07 per unit (the "Units") for gross proceeds of $1,190,000. Each Unit to be issued in the private placement will consist of one common share in the capital of the Company and one transferable common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to purchase one additional common share of the Company at a price of $0.10 for a period of five years following the closing of the private placement. It is anticipated that key existing shareholders and insiders of the Company will participate in the private placement on the terms described herein.
Proceeds from the private placement will be used to advance North Arrow's Canadian diamond projects including the continued planning, permitting and funding of a 10,000t bulk sample of the Q1-4 diamondiferous kimberlite at the Naujaat Project, Nunavut. Exploration drilling has also started at the Company's LDG Joint Venture Diamond Project in the Lac de Gras region of the Northwest Territories (please see news release dated July 8, 2019 for details). Mobilization is also underway for a three-week exploration program at the Company's Loki Diamond Project, located adjacent to the west of the LDG joint venture.
The Company may pay finders' fees under the offering in accordance with applicable securities laws and the policies of the TSX Venture Exchange. All securities issued in the private placement will be subject to a statutory four month hold period. Closing of the private placement is subject to negotiation and execution of definitive documentation and receipt of all regulatory approvals, including approval of the TSX Venture Exchange.