05:02 PM EDT, 10/03/2024 (MT Newswires) -- North Arrow Minerals (NAR.V) after trade Thursday offered an update on its September announcement of an option agreement with Rockman Resources allowing North Arrow to earn a 60% interest in the Kraaipan gold project in Botswana.

The TSX Venture Exchange has conditionally accepted the transaction, pending North Arrow's completion of certain filing requirements. The project includes three prospecting licenses held by Rockman which are valid until Sept. 30, Dec. 31, and March 31, 2025.

North Arrow and Rockman have also modified the option agreement to state that after spending a total of US$5 million and notifying Rockman, North Arrow will issue 1-million shares to Rockman, securing a 60% interest in the project.

As outlined in the Sept. 3 announcement, North Arrow will earn an additional 20% interest in the project by delivering a preliminary economic assessment and issuing 2 million shares to Rockman, the company said.

North Arrow shares closed unchanged at $0.205 on the TSX Venture Exchange.