North Arrow Minerals Inc. (TSXV: NAR) has closed a non-brokered private placement financing announced on 24 April 2023.
Proceeds from the private placement will be used to advance North Arrow’s Canadian lithium projects, particularly its wholly-owned DeStaffany project located within the Yellowknife Pegmatite Province, NWT.
The company has issued almost 23M at a price of C$0.06 per non-flow through unit and 13,066,500 flow-through units at a price of C$0.08 per FT-Unit and for combined total gross proceeds of $C2,423,940.
Each Non-FT Unit consisted of a single Non-FT common share of the company and one transferable non-flow-through common share purchase warrant. Each warrant entitles the holder to purchase one additional Non-FT share at a price of C$0.10 for a period of 24 months up to 17 May 2025.
Each FT Unit consisted of a single flow-through common share of the company and 1/2 of one transferable Non-FT common share purchase warrant. Each whole FT warrant entitles the holder to purchase one Non- FT common share of the Company at a price of C$0.12 for a period of 24 months up to 17 May 2025.
Each FT share has been issued as a “flow-through share”. The company will use the gross proceeds from the offering of the FT Units to incur eligible Canadian exploration expenses that will qualify as flow-through critical mineral mining expenditures.
The qualifying expenditures will be incurred on or before 31 December 2024, and will be renounced by the company to the purchasers of the FT Units with an effective date no later than 31 December 2023.
Insiders of the company participated in the private placement on the same terms and conditions as non-arm’s length subscribers, subscribing for a total of 200,000 FT Units and 833,333 Non-FT Units for aggregate proceeds of C$66,000.
To find out more, please visit www.northarrowminerals.com
