03:56 PM EDT, 10/28/2024 (MT Newswires) -- North Arrow Minerals ( NHAWF ) Monday said it closed a private placement of share units that raised $2.2 million to fund exploration costs under its option agreement for a 60% stake in the Kraaipan Gold Project in Botswana.

The company said it placed 11-million units in the financing, with each priced at $0.20 and made up of a share and an 18-month warrant to buy a second share for $0.30.

"With the closing of this financing, North Arrow is fully funded to advance our Year 1 plans to evaluate the underexplored, sixty-kilometre northern extension of the Kraaipan Greenstone Belt in Botswana , a top tier jurisdiction for mining and exploration investment," chief executive Ken Armstrong stated.

North Arrow has an option to acquire up to a 60% stake in the Kraaipan Gold Project by spending US$5 million on exploration over the next three years.

The company's shares were last seen up $0.005 to $0.185 on the TSX Venture Exchange

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