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North Arrow Identifies Kimberlite Targets at Lac De Gras Diamond Property and Closes 2.78 Million Unit Non-Brokered Private Placement
North Arrow Identifies Kimberlite Targets at Lac De Gras Diamond Property and Closes 2.78 Million...
About this update from North Arrow Minerals Inc.
[{"type":"text","content":"\nNorth Arrow Identifies Kimberlite Targets at Lac De Gras Diamond Property and Closes 2.78 Million Unit Non-Brokered Private Placement\n\n\n Apr. 1, 2010 (Filing Services Canada) -- North Arrow Minerals Inc.  (NAR - TSX Venture), is pleased to announce plans to explore its Lac de Gras diamond property during the 2010 field season and the closing of a previously announced $500,400 private placement. The Lac de Gras property is located within the prolific Lac de Gras diamondiferous kimberlite field in Canada's Northwest Territories. The property directly adjoins the mineral leases that host the Diavik diamond mine, located only 10 km to the north. The Ekati diamond mine is located within 40 km to the northwest. The kimberlites of the Diavik and Ekati diamond mines are among the richest diamond deposits in the world.The property will be jointly explored with Dr. Chris Jennings, who has been active in diamond exploration since 1974, initiating and supporting pioneering research for kimberlite exploration. Dr. Jennings was a director and consultant to Aber Resources Ltd. at the start of the famous Canadian diamond rush of the 1990's which was triggered by diamond discoveries in the Lac de Gras area. Dr. Jennings has completed a review of detailed airborne geophysical data collected over North Arrow's Lac de Gras land holdings. The data was reprocessed using a proprietary technique and Dr. Jennings has identified a total of 57 priority kimberlite targets. The 2010 exploration program will consist of ground magnetic and electromagnetic surveys and diamond drilling of prospective targets. The Company and Dr. Chris Jennings have also closed a previously announced non-brokered private placement of 2,780,000 units at a price of $0.18 per unit for gross proceeds of $500,400.  Each unit consists of one common share of North Arrow and one half of one common share purchase warrant.  Each whole warrant will entitle the holder to purchase one common share of North Arrow at a price of $0.30 per share until March 26, 2011.  The common shares issued as part of this private placement and any common shares issued upon the exercise of these warrants are subject to a hold period which expires July 27, 2010.Net proceeds from the private placement will be used to advance the Company's Lac de Gras project and for g...