North Arrow Minerals Inc. (NAR: TSXV) ("North Arrow" or the "Company") is pleased to announce an increase to the non-brokered private placement previously announced on August 6, 2009. The private placement will now consist of 2,206,500 units (the "Units") at a price of $0.22 per Unit, for gross proceeds of up to $485,430. Each Unit will consist of one common share of the Company and one-half of one common share purchase warrant. Each full warrant will entitle the holder to purchase one additional common share of the Company for a period of eighteen months from the closing date at a price of $0.32 per share. The private placement is subject to acceptance by the TSX Venture Exchange.
A finder's fee may be payable in cash to accredited arm's length parties in respect of sales made to purchasers referred to North Arrow by finders. The private placement and the finder's fee are subject to certain conditions, including regulatory acceptance.
The net proceeds of the private placement will be used to advance North Arrow's lithium exploration projects and for general working capital.
North Arrow Minerals Inc.
/s/ "D. Grenville Thomas"
D. Grenville Thomas
President and CEO
For further information, please contact:
D. Grenville Thomas
President & CEO
Tel: 604 668-8355
Email: [email protected]
Website: www.northarrowminerals.com
The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy of this release.
