North Arrow Minerals Inc. (NAR: TSXV) ("North Arrow" or the "Company") is pleased to announce a second and final closing, on August 26, 2009, of the non-brokered unit private placement announced earlier in August. The first tranche of this private placement closed on August 21, 2009.
On August 26, 2009, North Arrow issued 115,000 units of the Company at a price of $0.22 per unit for gross proceeds of $25,300. The warrants issued as part of the second closing will expire on February 26, 2011. The securities issued as part of the second closing and all common shares issuable on the exercise of the warrants are subject to a four-month hold period expiring December 27, 2009.
In total, the Company issued 2,206,500 units for gross proceeds of $485,430. Each unit consists of one common share of the Company and one-half of one common share purchase warrant. Each full warrant entitles the holder to purchase one additional common share of the Company at a price of $0.32 per share. The warrants are transferable. As part of this private placement, North Arrow paid finder's fees of $12,717.25.
Proceeds from 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 and CEO
Tel: 604-668-8355
Email: [email protected]
Gordon Clarke
Vice President, Exploration
Tel: 867-873-8483
Website: www.northarrowminerals.com
