VANCOUVER, BC--(Marketwired - May 18, 2017) - North Arrow Minerals Inc. (TSX VENTURE: NAR) (the "Company") is pleased to announce it has closed the non-brokered private placement announced on May 2, 2017. The Company has issued 20,000,000 units at a price of C$0.25 per unit (the "Units") for aggregate proceeds of C$5,000,000. Each Unit issued under the private placement consisted of one common share in the capital of the Company and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to purchase one additional common share of the Company at a price of C$0.40 for a period of three years up to May 18, 2020.
As part of the private placement, Electrum Strategic Opportunities Fund L.P. and Ross Beaty (collectively, the "Purchasers") have each made an investment of $2,000,000, together $4,000,000, towards the private placement. Each of the Purchasers will own 19.01% of North Arrow's outstanding shares on a partially diluted basis assuming the exercise of all Warrants acquired by such Purchaser.
The net proceeds of the private placement will be used for general working capital and to fund the continued evaluation of North Arrow's Canadian diamond exploration properties, including exploration programs at the Naujaat and Mel Diamond Projects, Nunavut, which are expected to commence in June. Insiders of the Company participated in the private placement on the same terms and conditions as arm's length subscribers. All securities issued in the private placement are subject to a hold period expiring on September 19, 2017.
About North Arrow Minerals
North Arrow is a Canadian based exploration company focused on the identification and evaluation of diamond exploration opportunities in Canada. North Arrow's management, board of directors and advisors have significant successful experience in the Canadian diamond industry. 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. North Arrow's exploration programs are conducted under the direction of Kenneth Armstrong, P.Geo. (ON), President and CEO of North Arrow and a Qualified Person under NI 43-101. Mr. Armstrong has reviewed the contents of this press release.
