North Arrow Minerals Inc. (TSXV:NAR) amended its previously announced private placement with Dundee Securities Ltd. on behalf of a syndicate including Haywood Securities Inc. The total amount has been increased to $4,000,450, consisting of 4,211,000 flow-through common shares at $0.95 per flow-through share. The transaction is expected to close on or about May 28, 2015.
As quoted in the press release:
North Arrow Minerals Inc. (TSX VENTURE:NAR) (“North Arrow”) is pleased to announce that North Arrow has entered into an amended letter of engagement with Dundee Securities Ltd. on behalf of a syndicate including Haywood Securities Inc. (collectively, the “Underwriters”), under which the Underwriters have now agreed to purchase 4,211,000 flow-through common shares (the “Flow-Through Shares”) of North Arrow by way of a private placement on a bought-deal basis, subject to all required regulatory approvals, at a price per Flow-Through Share of $0.95, for total gross proceeds of $4,000,450 (the “Offering”).
In connection with the Offering, the Underwriters will receive a cash commission equal to 5 per cent of the gross proceeds raised under the Offering. The closing date of the Offering is scheduled on or about May 28, 2015. The Offering is subject to a number of conditions, including receipt of all regulatory approvals.
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 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, 2015.
All securities issued as part of the Offering will be subject to a four-month hold period.