North Arrow Sells Two Canadian Lithium Assets

May 2, 2016

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North Arrow Minerals Inc. (TSXV: NAR) has announced it has signed a binding letter of intent with Athabasca Nuclear Corp. ( TSXV: ASC) to sell mineral claims covering two northern Canadian lithium prospects.

As quoted in the press release:

Under terms of the letter of intent, North Arrow will sell it’s 100% interest in the Torp Lake, Nunavut and Phoenix, Northwest Territories mineral claims for 2,500,000 common shares of Athabasca at a deemed value of $0.08 per common share. As additional consideration, North Arrow will also receive 1,000,000 common share purchase warrants, each warrant entitling North Arrow to purchase one common share of Athabasca for $0.20 for a period of two years from the date of closing the transaction. Closing of the transaction is subject to the completion of definitive documentation and any required regulatory approvals.

Click here for the full press release.

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Category: Energy