31 July 2019
North Arrow Minerals Inc. announces that it has closed the non-brokered private placement announced on July 11, 2018.
The company has issued 17,904,286 units priced at $0.07 per unit (the "Units") for gross proceeds of $1,253,300. Each Unit issued under the private placement consisted of one common share in the capital of the Company and one transferable common share purchase warrant (a "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 five years up to July 31, 2024.
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 10,025,000 Units for aggregate proceeds of $701,750.
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, and ongoing exploration at the Loki diamond project in the Lac de Gras region of the Northwest Territories. Exploration drilling also continues 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).
In connection with the private placement, the Company paid finders fees of $15,099. All securities issued in the private placement are subject to a hold period expiring on December 1, 2019.
Warrant Extension and Repricing
The Company also announces it has received TSX Venture Exchange approval to:
•extend the expiry dates of 20,000,000 warrants by two years and reprice the exercise price of the warrants to $0.225. These warrants were originally issued on May 17, 2017 in connection with a private placement of units of the Company (please see news releases dated May 2, 2017 and May 18, 2017 for details).
•extend the expiry dates of 5,070,887 warrants by two years and reprice the exercise price of the warrants to $0.225. These warrants were originally issued on June 19, 2018 in connection with a private placement of units of the Company (please see news releases dated May 28, 2018 and June 19, 2018 for details); and
•extend, by two years, the expiry date of the remaining 1,410,830 warrants issued as part of the June 19, 2018 private placement. These warrants are held by insiders of the Company and will retain their original exercise price, pursuant to TSX Venture Exchange Policy 4.1 Sec. 3.3 (d).