North Arrow Minerals closes $5M financing

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By Ted Liu

North Arrow Minerals Inc. (TSX-V: NAR) has completed previously non-brokered private placement of 20,000,000 units at a price of $0.25 per unit for gross proceeds of $5,000,000.

Electrum Strategic Opportunities Fund L.P. and Ross Beaty each invested $2,000,000. Upon closing of the private placement, each of the Purchasers will own 19.01% of North Arrow’s outstanding shares on a partially diluted basis.

Each unit will consist of one common share and one common share purchase warrant. Each warrant will entitle the holder thereof to purchase one additional common share at a price of $0.40 for a period of three years following the closing of the private placement.

North Arrow Minerals intends to use proceeds for general working capital and to fund the continued evaluation of its Canadian diamond exploration properties, including exploration programs at the Naujaat and Mel Diamond Projects, Nunavut, which are expected to commence in June.

Vancouver based North Arrow Minerals is a Canadian based exploration company focused on the identification and evaluation of diamond exploration opportunities in Canada. North Arrow is currently evaluating a number of projects including the Naujaat (formerly Qilalugaq) (NU), Mel (NU), Pikoo (SK), LDG (NT), and Loki (NT) Diamond Projects. North Arrow also maintains a 100% interest in the Hope Bay Oro Gold Project (NU), located approximately 3km north of TMAC Resources’ new Doris Gold Mine.

photo credit: North Arrow Minerals