Business
North Arrow Minerals Closes Non-Brokered $3.12 Million Private Placement Financings
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, June 19, 2018 (GLOBE NEWSWIRE) --
About this update from North Arrow Minerals Inc.
[{"type":"text","content":" NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, June 19, 2018 (GLOBE NEWSWIRE) -- North Arrow Minerals Inc. (TSXV:NAR) (“North Arrow” or “the Company”) announces that it has closed the concurrent non-brokered private placements of flow-through common shares (the \"Flow-Through Shares\") and non-flow-through units (the \"Non-Flow-Through Units\") announced on May 28, 2018. The Company has issued 10,135,000 Flow-Through Shares at a price of $0.20 per share and 6,481,717 Non-Flow-Through Units at a price of $0.17 per Non-Flow-Through Unit for combined total gross proceeds of $3,128,892. Each Non-Flow-Through Unit issued under the private placement consisted of a single non-flow-through common share of the Company (a \"Non-Flow-Through Share\") and one transferable non-flow-through common share purchase warrant (each a “Warrant”). Each Warrant entitles the holder to purchase one additional Non-Flow-Through Share at a price of $0.30 for a period of 24 months up to June 19, 2020. If, commencing on October 20, 2018, the closing price of North Arrow's shares is at or above $0.40 for 10 or more consecutive trading days, the expiry date of the Warrants may be accelerated to the date that is 30 trading days after the acceleration trigger date. Insiders and advisors of the Company participated in the private placements on the same terms and conditions as non-arm’s length subscribers, subscribing for a total 7,650,000 Flow-Through Shares and 2,058,823 Non-Flow-Through Units for aggregate proceeds of $1,880,000. Proceeds from the private placement will be used to advance North Arrow’s Canadian diamond projects including: i) the first ever drilling program in July 2018 at the Mel Project, Nunavut, testing diamondiferous kimberlite discovered last year; ii) the Loki Project, Northwest Territories where North Arrow recently discovered the first new kimberlite in the Lac de Gras region in over five years; and iii) continuing evaluation of the Q1-4 diamondiferous kimberlite at the Naujaat Project, Nunavut. The Company intends to use the gross proceeds from the Flow-Through Shares for “Canadian exploration expenses” (within the meaning of the Income Tax Act (Canada)), with the Company using its best efforts to ensure that an amount equal to such proceed...