The company issued 20 million shares priced at $ 0.25 Canadian dollars per share, each of which consists of one common share in the capital of the company and one warrant to purchase shares.
As part of a private placement Electrum Strategic Opportunities Fund LP and Ross Beaty made an investment of $ 2 million each, or a total of $ 4 million, which will give each of them the right to receive 19.01% of the shares North Arrow.
Cash proceeds from the placement will be used to supplement the general working capital of the company and the financing of the ongoing assessment of Canadian exploration facilities, including research programs on projects Naudzhaat (Naujaat) and Mel (Mel) in the Northwest Territories, which is expected to begin in June.
Ken Armstrong (Ken Armstrong), President and CEO of North Arrow, said that the private placement "allows North Arrow to complete the drilling program and summer sampling of kimberlite Q1-4 in the fully owned company Naudzhaat project in Nunavut."
He continues: "The program aims to improve our understanding of the size and potential of Q1-4 and diamond size distribution and value characteristics."
Tiffany & Co. Foundation Foundation provided a grant of $ 350,000 to create a university professor on the colored gemstone industry database, including information on projects in Madagascar and South Asia, and dedicated to the issues of education, health and safety of miners.
ReplyDeleteSalim Ali (Saleem Ali), professor of the University of Delaware on energy and the environment, will create a data store in open access to existing global knowledge about colored gemstones, and conduct targeted research needed to overcome the difficulties faced by people engaged in non-ferrous precious booty stones and their treatment.
According to Ali, there are serious social and environmental problems in the supply chain of colored gemstones from the mines to the markets, but also plenty of opportunities for the creation of a sustainable economy through the sale and resale of items made of precious stones.
Research will focus on four main themes: Mining and Geology of colored gemstones; their processing and production; gender analysis of supply chains of colored gemstones and the impact of the economic development of the sector of colored gemstones.
Participants in the project are also colleagues Ali from the University of Queensland, Australia, and the University of Lausanne, Switzerland.
"Creating a knowledge center for colored gemstones is a key step in solving the problems faced by miners and cutters in the segment of colored gemstones, - said chairman and president of the Tiffany & Co. Anisa Kamadoli Costa (Anisa Kamadoli Costa) -. By combining the experience of leading universities , the database will be a valuable tool for the industry and to better understand the complexity of the sector, increase transparency, ensure sustainability and improve conditions on the ground. "