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 July 16, 2010. The private placement will now consist of 3,958,333 flow-through units (the "FT Units") at a price of $0.18 per FT Unit, for gross proceeds of up to $712,500. Each FT Unit will consist of one flow-through common share of the Company and one-half of one non-flow-through common share purchase warrant. Each full warrant will entitle the holder to purchase one additional common share of the Company for a period of one year from the closing date at a price of $0.25 per share. The private placement is subject to acceptance by the TSX Venture Exchange.
A finder's fee may be payable in cash, common shares and/or warrants to acquire common shares 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, including any common shares or finder's warrants issued as part of the finder's fee, are subject to certain conditions, including regulatory acceptance. All securities issued as part of this private placement are subject to a four month hold period. Insiders of North Arrow will participate in this financing, and will do so on the same terms as the arm's length subscribers.
The proceeds from the financing will be used primarily to advance the Lac de Gras diamond project.
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
