North Arrow Minerals Inc. (NAR: TSXV) announced today that it proposes to amend the terms of 3,125,000 warrants issued to subscribers of a private placement which closed July 19, 2007. The Company proposes to re-price the exercise price of the subscriber warrants to $0.15 per common share from the initial exercise price of $0.50, and to extend the expiry date for these warrants by six months to July 19, 2009 from January 19, 2009.
The amended warrants will also contain an acceleration provision, such that, if, for a period of ten consecutive trading days (the "Premium Trading Days"), the closing price of the Company's shares is $0.19 per share or higher, the warrant exercise period will be shortened to a period of 30 days. This 30-day period will commence seven calendar days after the tenth Premium Trading Day.
The proposed amendments are subject to approval from the warrant-holders, and to the required regulatory approvals.
Proceeds from any exercise of warrants will be used to continue to fund exploration activities and for working capital purposes.
North Arrow Minerals Inc.
"Gordon Clarke"
Gordon Clarke
President and CEO
For further information, please contact:
Gordon Clarke
President and CEO
Tel: 867 873-8483
Website: www.northarrowminerals.com
The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy of this release.
