- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
North Arrow Secures C$3 Million in Private Placement Financing
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.
Latest News
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.