North Arrow Announces Non-Brokered C$5 Million Private Placement Financing
Suite 960 789 West Pender Street, Vancouver, BC, Canada V6C 1H2
Tel: 604 668 8355 / Fax: 604 604 336 4813
News Release
NORTH ARROW ANNOUNCES NON-BROKERED C$5 MILLION
PRIVATE PLACEMENT FINANCING
May 2, 2017 Trading Symbol: TSXV: NAR #17-06
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
North Arrow M inerals Inc. (TSXV-NAR) announce that the Company ha s arranged to
complete a non-brokered pr ivate placement of up to 20,000,000 un its at a pr ice of C$0.25 per u
proceeds of C$5,000,000. Each Unit to be issued in the private placement will consist of one common share in the capital of
the Company and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to purchase
one additional common share of the Company at a price of C$0.40 for a per iod of three years following the closing of the
private placement.
As part of the private placement, Electrum Strategic Opportunities Fund L.P. and Ross Beaty
have each agreed to make an investment of $2,000,000, together $4,000,000, towards the private placement. Upon closing of
the private placement on a par tially diluted
basis assuming the exercise of all Warrants acquired by such Purchaser.
placement will significantly build upon the support of our existing strong shareholder base. These funds will allow North
Arrow to comp lete a summer 2017 d rilling and sampling p rogram o f the Q1-4 k imberlite a t ou r 100% o wned Naujaat
Diamond Project, Nunavut. The program is designed to improve our understanding of the size and grade potential of Q1-4
as well
The net proceeds of the private placement will be used for general working capital and to fund the continued evaluation of
roperties. It is anticipated that insiders of the Company will participate in the
All securities issued in the private placement
will be subject to a statutory four month hold period. Closing of the private placement is subject to negotiation and execution
of definitive documentation and receipt of all regulatory approvals, including approval of the TSX Venture Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United
States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended
(the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S.
Persons u nless r e gistered under the U. S. Securities A ct and app licable state securities laws o r a n e x emption fro m such
registration is available.
About North Arrow Minerals
North Arrow is a Canadian based exploration company focused on the identification and evaluation of diamond exploration
in the Canadian diamond industry. North Arrow is currently evaluating a number of projects including the Naujaat (formerly
Qilalugaq) (NU), Mel (NU), Pikoo (SK), LDG (NT), and Loki (NT) Diamond Projects. North Arrow also maintains a 100%
Mine. (ON), President
and CEO of North Arrow and a Qua lified Person under NI 43-101. Mr. Armstrong has reviewed the contents of this press
release.
North Arrow Minerals Inc.
Kenneth Armstrong
President and CEO
For further information, please contact:
Ken Armstrong
Tel: 604-668-8355 or 604-668-8354
Website: www.northarrowminerals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility
for the adequacy or accuracy of this release.
This news release contains "forward-
mineral resource and the success of exploration activities. Forward-looking statements, while based on management's best estimates and assumptions, are
subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements,
including but not limited to: risks related to the successful integration of acquisitions; risks related to general economic and ma rket conditions; closing of
financing; the timing and content of upcoming work programs; actual results of proposed exploration activities; possible variations in mineral resources or
grade; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance
coverage and o ther risks of the mining industry; 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 forward-looking
statements, there may be other factors that cause results not to be as anticipated, estimated or intended. 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 undertakes no obligation or responsibility to update forward-looking statements, except
as required by law.