North Arrow Minerals (NAR-V) Feb 25, '14 has closed the bought-deal private placement announced on Feb. 3, 2014, and the overallotment option has been extended until the 10th day following the closing date. The company has issued 7.7 million common shares at a price of 65 cents per share for aggregate gross proceeds of $5,005,000. The net proceeds from the offering will be used to finance North Arrow's exploration and evaluation programs on its Canadian diamond properties, including the Qilalugaq (Nunavut), Redemption (Northwest Territories) and Pikoo (Saskatchewan) projects, and for general corporate purposes.
The offering was led by Dundee Securities Ltd. on behalf of a syndicate including Mackie Research Capital Corp. In connection with the offering, the underwriters received a cash commission on the sale of the shares equal to 5 per cent of the gross proceeds raised, excluding the gross proceeds from president's list purchasers. The shares issued under the offering are subject to a hold period, which will expire four months and one day from the date of the closing, being June 26, 2014.
North Arrow and the underwriters have mutually agreed to extend the overallotment option, also announced on Feb. 3, 2014, to purchase up to an additional 2.3 million common shares at a price per share of 65 cents, for additional gross proceeds of up to $1,495,000 until the 10th day from today's date. The overallotment option may now be exercisable in whole or in part at any time up to March 7, 2014. |
