North Arrow Minerals announces that it has signed a binding letter of intent with Athabasca Nuclear to sell mineral claims covering two northern Canadian lithium prospects.
Under terms of the letter of intent, North Arrow will sell its 100% interest in the Torp Lake, Nunavut and Phoenix, Northwest Territories mineral claims for 2,500,000 common shares of Athabasca at a deemed value of $0.08 per common share.
As additional consideration, North Arrow will also receive 1,000,000 common share purchase warrants, each warrant entitling North Arrow to purchase one common share of Athabasca for $0.20 for a period of two years from the date of closing the transaction.
Closing of the transaction is subject to the completion of definitive documentation and any required regulatory approvals.
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 each of the Pikoo (SK), Qilalugaq (NU), Redemption (NT), Lac de Gras (NT), Mel (NU), Luxx (NU) and Timiskaming (ON/QC) Diamond Projects.
North Arrow’s diamond 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.