Trading Symbol: TSXV: NAR
VANCOUVER, BC, Sept. 17,
2024 /CNW/ - North Arrow Minerals Inc. (TSXV:
NAR) ("North Arrow" or the "Company") is pleased to
announce that, further to its news release of September 3, 2024, the previously disclosed
non-brokered private placement of up to 10,000,000 units (the
"Units"), has been upsized to 11,000,000 million Units, at a price
of 20 cents per Unit for total gross
proceeds of $2,200,000. Proceeds from
the private placement will be used to fund the first-year
exploration program at the Kraaipan Gold Project in Botswana and for general working capital
purposes.
Terms of the financing remain unchanged, with each Unit
consisting of one post-consolidation common share (each a "Share")
and one-half transferable common share purchase warrant (each a
"Warrant"). Each whole Warrant will entitle the holder to purchase,
for a period of 18 months from the date of issue, one additional
common share of North Arrow at an exercise price of $0.30. If the Closing price for the North Arrow's
post-consolidation common shares is $0.50 or greater for 10 consecutive days from a
date beginning six months following the closing date of the private
placement, and the Company so elects, the holders of Warrants will
have 30 days to exercise their Warrants, otherwise the Warrants
will expire on the 31st day after the election. North
Arrow may pay commissions and finders' fees in connection with the
financing. It is anticipated that insiders of the Company will
participate in the private placement on the same terms and
conditions as arm's length subscribers.
All of the numbers mentioned above reflect the 10 for 1 share
consolidation that took place prior to the commencement of trading
on September 17, 2024 (please see the
Company's news release of September 3,
2024 for details) and assuming closing of the fully
subscribed private placement financing, as disclosed herein, the
Company will have an estimated 28,580,224 shares issued and
outstanding.
All securities will be issued using exemptions from the
prospectus requirements found in NI 45-106, including Part 5A –
Listed Issuer Financing Exemption (LIFE), and in the United States pursuant to exemptions from
the registration requirements in Regulation D of the U.S.
Securities Act of 1933. All securities issued as part of the
private placement will be subject to a hold period of four months
from the date of issuance of the securities, except any securities
issued under the LIFE exemption will not be subject to any resale
restrictions pursuant to applicable Canadian securities laws. It is
anticipated that insiders of North Arrow may participate in the
private placement on the terms described herein and be subject to a
hold period of four months from the date of issuance of the
securities.
There is an offering document related to this LIFE offering that
can be accessed under North Arrow's profile at www.sedarplus.ca and
on the corporate website at https://tinyurl.com/2w49y74w.
Prospective investors should read this offering document before
making an investment decision.
About North Arrow Minerals
North Arrow is a Vancouver,
BC-based exploration company currently focused on the
evaluation of the Kraaipan Gold Project in Botswana. North Arrow's management, board of
directors and advisors have significant successful experience in
the global exploration and mining industry. North Arrow is also
evaluating spodumene pegmatites at its 100% owned LDG, MacKay, and
DeStaffany Lithium Projects (NWT), and continues to maintain its
diamond interests in the Naujaat (NU), Pikoo (SK), and Loki (NWT)
Projects. North Arrow's exploration programs are conducted under
the direction of Kenneth Armstrong,
P.Geo. (NWT/NU, ON), President and CEO of North Arrow and a
Qualified Person under NI 43-101.
North Arrow Minerals Inc.
/s/ "Kenneth A. Armstrong"
Kenneth Armstrong
President and CEO
Neither the TSX Venture Exchange nor its
Regulation Services Provider accepts
responsibility
for the adequacy or accuracy of this
release.
This news release contains "forward-looking statements"
including but not limited to statements with respect to North
Arrow's plans, the estimation of a mineral resource and the success
of exploration activities. Forward-looking statements, while based
on management's best estimates and assumptions, are subject to
risks and uncertainties that may cause actual results to be
materially different from those expressed or implied by such
forward-looking statements, including but not limited to: risks
related to the successful integration of acquisitions; risks
related to general economic and market conditions; closing of
financing; the timing and content of upcoming work programs; actual
results of proposed exploration activities; possible variations in
mineral resources or grade; failure of plant, equipment or
processes to operate as anticipated; accidents, labour disputes,
title disputes, claims and limitations on insurance coverage and
other risks of the mining industry; changes in national and local
government regulation of mining operations, tax rules and
regulations. Although North Arrow has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking statements,
there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that
such statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. North Arrow undertakes no
obligation or responsibility to update forward-looking statements,
except as required by law.
SOURCE North Arrow Minerals Inc.
