North Arrow Closes $4 Million Bought Deal Private Placement

North Arrow Minerals Inc. (TSXV:NAR) announced the closing of the previously announced bought deal private placement. North Arrow issued 4,211,000 flow-through common shares at a price of $0.95 per share for aggregate proceeds of $4,000,450.

As quoted in the press release:

The Offering was led by Dundee Securities Ltd. on behalf of a syndicate of underwriters including Haywood Securities Inc. (collectively, the “Underwriters”). In connection with the Offering, the Underwriters received a cash commission on the sale of the Flow-Through Shares equal to 5% of the gross proceeds of the Offering. The Flow-Through Shares issued under the Offering are subject to a hold period, which will expire four months and one day from the date of closing, being September 29, 2015.

The Company intends to use the gross proceeds from the Offering 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 proceeds will be used to incur Canadian exploration expenses related to the exploration and evaluation of North Arrow’s Canadian diamond properties, including Qilalugaq (Nunavut), Pikoo (Saskatchewan), and Redemption (Northwest Territories). The Company will renounce such Canadian exploration expenses with an effective date of no later than December 31, 2015.

This press release does not constitute an offer to sell or a solicitation of an offer to buy securities, nor shall there be any sale of securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended, (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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