North Arrow Secures C$3 Million in Private Placement Financing

Gem Investing

North Arrow Minerals, has announced it has arranged a non-brokered private placement of flow-through common shares at a price of C$0.20 per flow-through share. The company also secured a non-brokered private placement of non-flow-through units, for a combined total gross proceeds of approximately C$3,000,000.

Canadian-based diamond exploration company, North Arrow Minerals (TSXV:NAR), has announced it has arranged a non-brokered private placement of flow-through common shares at a price of C$0.20 per flow-through share. The company also secured a non-brokered private placement of non-flow-through units at a price of C$0.17 per non-flow-through unit, for a combined total gross proceeds of approximately C$3,000,000.

Each non-flow-through unit will consist of a single non-flow-through common share of the company and one transferable non-flow-through common share purchase warrant. Each warrant will entitle the holder to purchase one additional non-flow-through share at a price of C$0.30 for a period of 24 months following the closing of the private placement.

As quoted from the press release:

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. 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 Canadian Income Tax Act), 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 company’s exploration projects. The company will renounce such Canadian exploration expenses with an effective date of no later than December 31, 2018.

The company may pay finders’ fees under the offering in accordance with applicable securities laws and the policies of the TSX Venture Exchange. All securities issued in the private placement will be subject to a statutory four month hold period. Closing of the private placement is subject to negotiation and execution of definitive documentation and receipt of all regulatory approvals, including approval of the TSX Venture Exchange.

Click here to read the full press release

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