On May 18, 2023, North Arrow Minerals Inc. closed the transaction. The Company has issued 22,976,999 non-flow-through units at a price of CAD 0.06 per Non-Flow-Through Unit for the gross proceeds of CAD 1,378,619.94 and 13,066,500 flow-through units at a price of CAD 0.08 per Flow-Through Unit for the gross proceeds of CAD 1,045,320; aggregate total gross proceeds of CAD 2,423,940. Each Non-Flow-Through Unit consisted of a single non-flow-through common share of the Company and one transferable non-flow-through common share purchase warrant. Each Warrant entitles the holder to purchase one additional Non Flow-Through Share at a price of CAD 0.10 for a period of 24 months up to May 17, 2025. Each Flow-Through Unit consisted of a single flow-through common share of the Company and one half of one transferable non-flow-through common share purchase warrant. Each whole Flow-Through Warrant entitles the holder to purchase one non-flow-through common share of the Company at a price of CAD 0.12 for a period of 24 months up to May 17, 2025. The transaction included participation from certain insiders subscribing for 200,000 Flow-Through Units at an issue price of CAD 0.08 for the gross proceeds of CAD 16,000 and 833,333 Non Flow-Through Units at an issue of CAD 0.06 for the gross proceeds of CAD 49,999.98 for aggregate proceeds of CAD 66,000. In connection with the placement, North Arrow paid finder's fees of CAD 77,254.80 and 676,620 finder's warrants. Each Finder's Warrant has the same terms as a Warrant. All securities issued in the private placements are subject to a hold period expiring September 18, 2023.

The company announced that the TSX Venture Exchange has accepted for filing documentation with respect to the transaction. The transaction included participation from 51 placees including existing insider involvement for 933,000 from two insiders and pro group involvement for 1,685,750 for five pro groups.