North Arrow Minerals Inc. (TSXV-NAR) ("North Arrow" or the "Company") is pleased to announce it intends to complete a non-brokered private placement of up to 7,000,000 shares at a price of 50 cents per share for total gross proceeds of $3,500,000.
North Arrow also intends to complete a non-brokered private placement of up to 3,000,000 flow-through shares at a price of 60 cents per share for gross proceeds of $1,800,000. The gross proceeds of the flow-through shares will be used by North Arrow to incur Canadian exploration expenses prior to December 31, 2014, on North Arrow's Canadian diamond properties. North Arrow will renounce the qualifying expenditures to subscribers of the flow-through shares for the fiscal year ended December 31, 2013.
Proceeds from the private placement will be used to finance exploration programs at the Company's diamond properties and for working capital purposes. It is anticipated that insiders of the Company will participate in the private placement on the same terms and conditions as arm's length subscribers. The Company may pay commissions and finders' fees in connection with a portion of the financing.
The private placement announced in this news release is subject to certain conditions, including receipt by North Arrow of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. All securities issued as part of the private placement will be subject to a hold period of four months from the date of issuance of the securities.
North Arrow Minerals Inc.
/s/ "Kenneth A. Armstrong"
Kenneth Armstrong
President & CEO
For further information, please contact:
Ken Armstrong
Tel: 604-668-8355 or 604-668-8354
Website: www.northarrowminerals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking statements" including but not limited to statements with respect to North Arrow's plans, the estimation of a mineral resource and the success of exploration activities. Forward-looking statements, while based on management's best estimates and assumptions, are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the successful integration of acquisitions; risks related to general economic and market conditions; closing of financing; the timing and content of upcoming work programs; actual results of proposed exploration activities; possible variations in mineral resources or grade; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; changes in national and local government regulation of mining operations, tax rules and regulations. Although North Arrow has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. North Arrow undertakes no obligation or responsibility to update forward-looking statements, except as required by law.
