Symbols: NAR,
NHAWF
Vancouver, British Columbia CANADA, Aug 25, 2010 (Filing Services Canadavia COMTEX) --
North Arrow Minerals Inc.( NAR | PowerRating - TSX Venture), ("NorthArrow" or the "Company") is pleased to announce the closing on August20, 2010 of a non-brokered private placement announced on July 16, 2010and as amended on August 4, 2010. On August 20, 2010, North Arrow issued3,958,333 flow-through units (the "FT Units") at a price of
.18 perFT Unit, for gross proceeds of $712,500. Each FT Unit consists of oneflow-through common share of the Company and one-half of onenon-flow-through common share purchase warrant. Each full warrantentitles the holder to purchase one additional common share of theCompany until August 20, 2011 at a price of
.25 per share. Thewarrants are transferrable. The common shares issued as part of thisprivate placement and any common shares issued upon the exercise of thewarrants are subject to a hold period which expires December 21, 2010.As part of this private placement, the Company paid finder's fees of$38,220. One director of the Company purchased 280,000 FT Units in thisprivate placement.
Proceeds from the financing will be primarily used to advance theCompany's diamond projects. In early September, a geophysical crew willbe mobilized to carry out ground magnetic and electromagneticgeophysical surveys over the
Hammer kimberlite, a joint venture betweenthe Company (25%) and Stornoway Diamond Corporation (SWY-TSX) (75%).Once completed, the geophysical crew is scheduled to move to theCompany's Lac de Gras diamond project and carry out ground magnetic andelectromagnetic surveys on approximately 20 priority kimberlite targets.