Deal's proceeds finance exploration and evaluation, working capital
By Devika Patel
Knoxville, Tenn., Feb. 3 - North Arrow Minerals Inc. said it will conduct a C$5.01 million private placement of stock with a C$1.5 million greenshoe.
The company will sell 7.7 million common shares at C$0.65 per share on a bought-deal basis with an additional 2.3 million shares comprising the greenshoe. The price per share is identical to the Jan. 31 closing share price.
Dundee Securities Ltd. is the lead agent of a syndicate that includes Mackie Research Capital Corp.
Settlement is expected Feb. 25.
Proceeds will be used for exploration and evaluation programs and general corporate purposes.
North Arrow is a diamond exploration company based in Vancouver, B.C.
| Issuer: | North Arrow Minerals Inc.
|
| Issue: | Common stock
|
| Amount: | C$5,005,000
|
| Greenshoe: | C$1,495,000
|
| Shares: | 7.7 million
|
| Price: | C$0.65
|
| Warrants: | No
|
| Agents: | Dundee Securities Ltd. (lead), Mackie Research Capital Corp.
|
| Pricing date: | Feb. 3
|
| Settlement date: | Feb. 25
|
| Stock symbol: | TSX Venture: NAR
|
| Stock price: | C$0.65 at close Jan. 31
|
| Market capitalization: | C$29.02 million
|
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