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North Arrow Minerals Inc.: North Arrow Closes 1st Tranche of Non-Brokered Unit Private Placement

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  Published in Stocks and Investing on Monday, August 24th 2009 at 14:29 GMT, Last Modified on 2009-08-24 14:29:36 by Market Wire
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 24, 2009) - North Arrow Minerals Inc. (TSX VENTURE:NAR) ("North Arrow" or the "Company") is pleased to announce the closing on August 21, 2009 of the first tranche of a non-brokered unit private placement announced August 6th and subsequently amended on August 11, 2009.

On August 21, 2009, North Arrow issued 2,091,500 units of the Company at a price of $0.22 per unit for gross proceeds of $460,130. Each unit consists of one common share of the Company and one-half of one common share purchase warrant. Each full warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.32 per share until February 21, 2011. The warrants are transferable. As part of this private placement, North Arrow paid finder's fees of $12,717.25.

All of the securities issued as part of this private placement and all common shares issuable on the exercise of the Warrants are subject to a four month hold period expiring December 22, 2009.

The Company expects to close a second and final tranche of the private placement, consisting of 115,000 units for proceeds of $25,300 before August 31, 2009.

Proceeds from the private placement will be used to advance North Arrow's lithium exploration projects and for general working capital.

North Arrow Minerals Inc.

D. Grenville Thomas, President and CEO

The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy of this release.