North Arrow Minerals Inc. today announced that it has acquired from Stornoway Diamond Corporation the remaining stake in diamond projects Kilalugak (Qilalugaq) and Pico (Pikoo). After closing, North Arrow will hold 100% in both lobes projects.
Ken Armstrong (Ken Armstrong), President and CEO of North Arrow, said: "The agreement, which was announced today, allows North Arrow to consolidate ownership Kilalugak projects and Pico without the need of advance cash payments, and provides the company with greater flexibility in managing and continuing assessment two of the most promising diamond projects at the exploration stage in Canada. "
Under the terms of the contract of sale, North Arrow will acquire approximately 18% owned by Stornoway shares in the project Kilalugak, and approximately 15% stake in the project in exchange for the Pico 2 000 000 ordinary shares of North Arrow. As an additional reward Stornoway retain respectively 0.5% and 1.0% royalty on diamonds and 0.5% and 1.0% of net sales revenue side precious metals projects.
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