North Arrow Minerals Inc. (NAR: TSXV) ("North Arrow" or the "Company") is pleased to announce the closing on August 20, 2010 of a non-brokered private placement announced on July 16, 2010 and as amended on August 4, 2010. On August 20, 2010, North Arrow issued 3,958,333 flow-through units (the "FT Units") at a price of $0.18 per FT Unit, for gross proceeds of $712,500. Each FT Unit consists of one flow-through common share of the Company and one-half of one non-flow-through common share purchase warrant. Each full warrant entitles the holder to purchase one additional common share of the Company until August 20, 2011 at a price of $0.25 per share. The warrants are transferrable. The common shares issued as part of this private placement and any common shares issued upon the exercise of the warrants are subject to a hold period which expires December 21, 2010. As part of this private placement, the Company paid finder's fees of $38,220. One director of the Company purchased 280,000 FT Units in this private placement.
Proceeds from the financing will be primarily used to advance the Company's diamond projects. In early September, a geophysical crew will be mobilized to carry out ground magnetic and electromagnetic geophysical surveys over the Hammer kimberlite, a joint venture between the Company (25%) and Stornoway Diamond Corporation (SWY-TSX) (75%). Once completed, the geophysical crew is scheduled to move to the Company's Lac de Gras diamond project and carry out ground magnetic and electromagnetic surveys on approximately 20 priority kimberlite targets.
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
Gordon Clarke
Vice President, Exploration
Tel: 867-873-8483
Website:www.northarrowminerals.com
