North Arrow Extends Loan Agreement with Anglo Celtic Exploration

VANCOUVER, British Columbia, Feb. 18, 2022 (GLOBE NEWSWIRE) -- North Arrow Minerals Inc. (TSXV-NAR) (“North Arrow”) announces that it has agreed with Anglo Celtic Exploration Ltd (“Anglo Celtic”) to extend by one year the term of an unsecured loan of $400,000 (the “Loan”) provided to North Arrow and first announced on February 17, 2021. Under terms of the amendment to the loan agreement (the “Agreement”) the revised date by which any outstanding balance on the loan must be repaid in full is February 16, 2023. All other terms related to the Loan and the Agreement remain the same. As further consideration for agreeing to extend the Loan, North Arrow shall issue to Anglo Celtic 1,000,000 share purchase warrants (the “Bonus Warrants”). Each Bonus Warrant will allow Anglo Celtic to purchase one common share (a “Warrant Share”) at a price of $0.12 for a period of 24 months from the date of issue of the Bonus Warrants. Issuance of the Bonus Warrants is subject to final approval of the TSX Venture Exchange. The Bonus Warrants, and any Warrant Shares issued, will be subject to a statutory hold period under applicable securities law, which will expire four months + one day after the date of issuance of the Bonus Warrants.

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