Electrum, Beaty raise stake in North Arrow

North Arrow Minerals Inc. May 18 announced the closing of a C$5 million non-brokered private placement that involved the issuance of 20 million units at C25 cents each. Each unit consists of one North Arrow share and a warrant that entitles the holder to buy another share at C40 cents until May 18, 2020.

As part of the private placement, Electrum Strategic Opportunities Fund L.P. and Ross Beaty have each made a C$2 million investment and each will own 19.01 percent of North Arrow's outstanding shares, assuming the exercise of all acquired warrants.

North Arrow said it will use the money raised for general working capital and for the ongoing exploration of its diamond exploration properties, including the Naujaat and Mel projects in Nunavut.

Exploration at the Nunavut diamond properties is expected to get underway in June.

-SHANE LASLEY