The Lac de Gras joint venture property of Springbok, North Arrow and Harry Winston Diamonds, consists of 81,500 acre LDG/GT property as well as 226,000 acres owned by Harry Winston in northwest Canada.
Following the acquisition, North Arrow will own 100% interest in the LDG/GT property and the right to obtain a 45% interest in the joint venture property.
As part of the transaction, North Arrow will offer Springbok 10,000,000 common shares of the company, valued at $1m.
Harry Winston Diamonds, under the terms of an existing option agreement, will fund $5 million for exploration within the Lac de Gras diamond field.
The deal consequently allows North Arrow an enhanced exposure and leverage to the diamond project.
