North Arrow announces non-brokered C$5 million private placement financing

North Arrow Minerals Inc. (TSXV-NAR) (the "Company") is pleased to announce that the Company has arranged to complete a non-brokered private placement of up to 20,000,000 units at a price of C$0.25 per unit (the "Units") for gross 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 period 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 (collectively, the "Purchasers") 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, 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.

Ken Armstrong, North Arrow’s President & CEO, commented, "North Arrow is very pleased that today’s announced private placement will significantly build upon the support of our existing strong shareholder base. These funds will allow North Arrow to complete a summer 2017 drilling and sampling program of the Q1-4 kimberlite at our 100% owned Naujaat Diamond Project, Nunavut. The program is designed to improve our understanding of the size and grade potential of Q1-4 as well as the size distribution and value characteristics of its unique diamond population."

The net proceeds of the private placement will be used for general working capital and to fund the continued evaluation of North Arrow’s Canadian diamond exploration properties. It is anticipated that insiders of the Company will participate in the private placement on the same terms and conditions as arm’s length subscribers. 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 unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from 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 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

www.northarrowminerals.com