VANCOUVER, British Columbia, Feb. 18 2022 (GLOBE NEWSWIRE) — North Arrow Minerals Inc. (TSXV-NAR) (“North arrow“) announces that it has agreed with Anglo Celtic Exploration Ltd (“Anglo Celtic”) to extend for one year the term of a $400,000 unsecured loan (the “Loan”) provided to North Arrow and announced for the first time the February 17, 2021. Pursuant to the amendment to the loan agreement (the “Agreement”), the revised date by which any outstanding balance on the loan must be repaid in full is February 16, 2023. All other terms and conditions relating to the loan and the agreement remain the same. . In consideration for the Loan Extension Agreement, North Arrow will issue Anglo Celtic 1,000,000 equity warrants (the “Bonus Warrants”). Each Warrant will entitle Anglo Celtic to purchase one common share (a “Warrant Share”) at a price of $0.12 for a period of 24 months from the date of issue of the Bonus Warrants . The issuance of the Bonus Warrants is subject to final approval by the TSX Venture Exchange. The Bonus Warrants and all Warrant Shares issued will be subject to a statutory hold period under applicable securities law, which will expire four months + one day after the issue date of the Warrants bonuses.
Anglo Celtic is a private company controlled by D. Grenville Thomas, director of North Arrow, and is therefore a “related party” of North Arrow within the meaning of the multilateral instrument 61-101. Protection of holders of minority securities in special transactions (“MI 61-101”). The issuance of the Bonus Warrants to Anglo Celtic and the amendment to the Agreement each constitute a “related party transaction”, as defined in NI 61-101. The transactions will be exempt from the formal valuation and minority shareholder approval requirements of NI 61-101, as neither the fair market value of the shares issued under the agreement nor the consideration paid therefor will exceed 25% of North Arrow’s market cap. Prior to the receipt of the Bonus Warrants and Warrant Shares, Anglo Celtic and D. Grenville Thomas hold a total of 12,560,035 ordinary shares of North Arrow, representing approximately 10.4% of the issued and outstanding share capital of North Arrow.
North Arrow’s exploration programs are conducted under the direction of Kenneth Armstrong, P.Geo., President and Chief Executive Officer of North Arrow and Qualified Person under NI 43-101. Mr. Armstrong has reviewed and approved the technical content of this press release.
About North Arrow Minerals
North Arrow is a Canada-based exploration company focused on identifying and evaluating diamond exploration opportunities in Canada. North Arrow’s management, board of directors and advisors have significant and successful experience in the global diamond industry. North Arrow’s most advanced diamond project is the Q1-4 diamond deposit at the Naujaat Project (NU), where a $5.6m 2,000 tonne bulk sample is currently undergoing final processing and recovery of diamonds. North Arrow has also discovered and is evaluating diamondiferous kimberlites at the Pikoo (SK), Mel (NU), Loki (TNO) and LDG JV (TNO) projects. North Arrow also owns a 100% interest in the Hope Bay Oro (NU) gold project, located approximately 3 km north of Agnico Eagle’s Doris gold mine.
North Arrow Minerals Inc.
/s/ “Kenneth A. Armstrong”
President and CEO
For more information, please contact:
Tel: 604-668-8355 or 604-668-8354
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility
for the adequacy or accuracy of this release.
This press release contains “forward-looking statements,” including, but not limited to, statements regarding North Arrow’s plans, mineral resource estimate and the success of exploration activities. Forward-looking statements, although based on management’s best estimates and assumptions, are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. including, but not limited to: risks relating to the successful integration of acquisitions; risks related to general economic and market conditions; closing of funding; the timing and content of future work programs; the actual results of the proposed exploration activities; possible variations in mineral resources or grade; failure of plant, equipment or processes to perform as intended; accidents, labor disputes, title disputes, claims and limitations of insurance coverage and other mining industry risks; changes in national and local government regulation of mining operations, tax rules and regulations. Although North Arrow has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or expected. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. North Arrow disclaims any obligation or liability to update forward-looking statements, except as required by law.