North Arrow Minerals Inc. (TSXV:NAR) closed the acquisition of a 100% interest in the Mel and Luxx diamond projects, located in Nunavut.
As quoted in the press release:
Both projects were acquired to cover unexplained kimberlite indicator mineral trains identified from public datasets. Acquisition of the Mel and Luxx projects is subject to separate purchase and sale agreements with Anglo Celtic Exploration Ltd., a private company controlled by D. Grenville Thomas, a director of the Company.
Under the terms of each Purchase and Sale agreement, North Arrow has acquired a 100% interest in each property in consideration of a 1% gross overriding royalty. North Arrow retains the right to buy back half of each royalty (0.5%) for $1 million at any time. North Arrow has also issued to Anglo Celtic a total of 500,000 (250,000 for each agreement) transferrable share purchase warrants. Each warrant entitles the warrant holder to acquire one common share of North Arrow at a price of 65 cents for a period of five years from the closing date of the purchase and sale. Any shares issued as a result of the exercise of the warrants will be subject to a hold period of four months from the date of closing the purchase and sale.