North Arrow Minerals Inc. (NAR: TSXV) ("North Arrow" or the "Company") is pleased to announce the closing on August 21, 2009 of the first tranche of a non-brokered unit private placement announced August 6th and subsequently amended on August 11, 2009.
On August 21, 2009, North Arrow issued 2,091,500 units of the Company at a price of $0.22 per unit for gross proceeds of $460,130. Each unit consists 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 at a price of $0.32 per share until February 21, 2011. The warrants are transferable. As part of this private placement, North Arrow paid finder's fees of $12,717.25.
All of the securities issued as part of this private placement and all common shares issuable on the exercise of the Warrants are subject to a four month hold period expiring December 22, 2009.
The Company expects to close a second and final tranche of the private placement, consisting of 115,000 units for proceeds of $25,300 before August 31, 2009.
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
The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy of this release.
