Non-brokered deal's proceeds finance exploration and working capital
By Devika Patel
Knoxville, Tenn., Aug. 26 - North Arrow Minerals Inc. said it will conduct a C$4.8 million non-brokered private placement of stock.
The company will sell 7 million common shares at C$0.50 per share and 3 million flow-through common shares at C$0.60 per share. The prices per share are 23.08% and 7.69% discounts to the Aug. 23 closing share price of C$0.65.
Proceeds will be used for exploration and working capital purposes.
North Arrow is a diamond exploration company based in Vancouver, B.C.
| Issuer: | North Arrow Minerals Inc.
|
| Issue: | Common stock
|
| Amount: | C$4.8 million
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Settlement date: | Aug. 26
|
| Stock symbol: | TSX Venture: NAR
|
| Stock price: | C$0.65 at close Aug. 23
|
| Market capitalization: | C$18.49 million
|
|
|
| Common shares
|
| Amount: | C$3 million
|
| Shares: | 7 million
|
| Price: | C$0.50
|
|
|
| Flow-through shares
|
| Amount: | C$1.8 million
|
| Shares: | 3 million
|
| Price: | C$0.60
|
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