06:13 AM EDT, 09/18/2024 (MT Newswires) -- North Arrow Minerals (NAR.V) late on Tuesday said it increased the size of its non-brokered private placement to 11 million units, up from 10 million units, at $0.20 per unit to raise $2.2 million.

Proceeds from the private placement will be used to fund the first-year exploration program at the Kraaipan gold project in Botswana and for general working capital purposes.

Terms of the financing remain unchanged. Each unit consists of one post-consolidation common share and one-half transferable common share purchase warrant.

Each whole warrant will entitle the holder to purchase one North Arrow common share for $0.30 for an 18-month period.

The numbers reflect the 10 for 1 share consolidation that took place before trading began on Sept. 17.