08:20 AM EDT, 09/03/2024 (MT Newswires) -- North Arrow Minerals ( NHAWF ) on Tuesday said it signed an option agreement with Rockman Resources to earn a 60% interest in the Kraaipan Gold Project in Botswana.

The company also announced a 10:1 share consolidation, subject to approval from the stock exchange, and a non-brokered private placement of up to $2 million on a post-consolidation basis.

North Arrow can secure a 60% interest in the Kraaipan project by funding US$5 million in exploration expenditures over three years, as well as issuing $250,000 in shares to Rockman.

The company will also offer 10 million units on a post consolidation basis, priced at $0.20 apiece. Each unit will consist of one post-consolidation common share and half of an 18-month warrant. Each whole warrant can buy an additional share at $0.30. Proceeds will be used to fund the first-year exploration program at the project and for general working capital purposes.