North Arrow Extends Loan Agreement with Anglo Celtic Exploration
Suite 960 – 789 West Pender Street, Vancouver, BC, Canada V6C 1H2
Tel: 604-668-8355
News Release
NORTH ARROW EXTENDS LOAN AGREEMENT WITH ANGLO CELTIC
EXPLORATION
February 18, 2022 Trading Symbol: TSXV: NAR #22-01
North Arrow Minerals Inc. (TSXV-NAR) (“North Arrow”) announces that it has agreed with Anglo Celtic Exploration
Ltd (“Anglo Celtic”) to extend by one year the term of an unsecured loan of $400,000 (the “Loan”) provided to North Arrow
and first announced on February 17, 2021. Under terms of 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 related to the
Loan and the Agreement remain the same. As further consideration for agreeing to extend the Loan, North Arrow shall issue
to Anglo Celtic 1,000,000 share purchase warrants (the “Bonus Warrants”). Each Bonus Warrant will allow 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. Issuance of the Bonus Warrants is subject to final approval of the TSX Venture Exchange. The Bonus
Warrants, and any Warrant Share s issued, will be subject to a statutory hold period under applicable securities law, which
will expire four months + one day after the date of issuance of the Bonus Warrants.
Anglo Celtic is a private company controlled by D. Grenville Thomas, a director of North Arrow, and is therefore a “related
party” of North Arrow within the meaning of Multilateral Instrument 61 -101 Protection of Minority Security Holders in
Special Transactions (“MI 61-101”). The issuance of the Bonus Warrants to Anglo Celtic and amendment of the Agreement
each constitute a "related party transaction", as defined under MI 61 -101. The transactions will be exempt from the formal
valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any shares issued
to, or the consideration paid for, the Agreement will exceed 25% of North Arrow's market capitalization. Prior to receipt of
the Bonus Warrants and any Warrant Shares, Anglo Celtic with D. Grenville Thomas, ho ld an aggregate of 12,560,035
common shares of North Arrow, representing approximately 10.4% of North Arrow’s issued and outstanding share capital.
North Arrow’s exploration programs are conducted under the direction of Kenneth Armstrong, P.Geo., President and CEO of
North Arrow and a Qualified Person under NI 43 -101. Mr. Armstrong has reviewed and approved the technical contents of
this press release.
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 global diamond industry. North Arrow’s most advanced diamond project is th e Q1-4 diamond deposit at the Naujaat
Project (NU), where a $5.6M 2,000 tonne bulk sample is currently undergoing final processing and diamond recovery. North
Arrow has also discovered and is evaluating diamond bearing kimberlites at the Pikoo (SK), Mel (NU), Loki (NWT) and
LDG JV Projects (NWT). North Arrow also maintains a 100% interest in the Hope Bay Oro Gold Project (NU), located
approximately 3 km north of Agnico Eagle’s Doris Gold Mine.
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 o f 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.