North Arrow Closes 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 CLOSES NON-BROKERED C$5 MILLION
PRIVATE PLACEMENT FINANCING
May 18, 2017 Trading Symbol: TSXV: NAR #17-07
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
North Arrow Minerals Inc. (TSXV-NAR) (the “Company”) is pleased to announce it has closed the non- brokered private
placement announced on May 2, 2017. The Company has issued 20,000,000 units at a price of C$0.25 per u nit (the “Units”)
for aggregate proceeds of C$5,000,000. Each Unit issued under the private placement consisted of one common share in the
capital of the Company and one common share purchase warrant (a "Warrant"). Each Warrant entitle s the holder thereof to
purchase one additional common share of the Company at a price of C$0.40 for a period of three years up to May 18, 2020.
As part of the private placement, Electrum Strategic Opportunities Fund L.P. and Ross Beaty (collectively, the “Purchasers”)
have each made an investment of $2,0 00,000, together $4,000,000, towards the private placement . Each of the Purchasers
will own 19.01% of North Arrow’s outstanding shares on a partially diluted basis assuming the exercise of all Warrants
acquired by such Purchaser.
The net proceeds o f the private placement will be used for general working capital and to fund the continued evaluation of
North Arrow’s Canadian diamond exploration properties , including exploration p rograms at the Naujaat and Mel Diamond
Projects, Nunavut, which are expec ted to commence in June. Insiders of the Company participate d in the private placement
on the same terms and conditions as arm’s length subscribers. All securities issued in the private placement are subject to a
hold period expiring on September 19, 2017.
About North Arrow Minerals
North Arrow is a Canadian based exploration company focused on the identification and evaluation of diamond exploration
opportunities in Canada. North Arrow’s management, board of directors and advisors have significant successful experience
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%
interest in the Hope Bay Oro Gold Project (NU), located approximately 3km north of TMAC Resources’ new Doris Gold
Mine. North Arrow’s exploration programs are conducted under the direction of Kenneth Armstrong, P.Geo. (ON), President
and CEO of North Arrow and a Qualified Person under NI 43 -101. Mr. Armstrong has reviewed the contents of this press
release.
North Arrow Minerals Inc.
/s/ “Kenneth A. Armstrong”
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 -looking statements" including but not limited to statements with respect to North Arrow’s plans, the estimation of a
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 market 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 other risks of the mining in dustry; 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.