VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/28/13 -- North Arrow Minerals Inc. (TSX VENTURE: NAR) ("North Arrow" or the "Company") announces that at its extraordinary general meeting held on February 13, 2013, shareholders approved the consolidation of the Company's issued and outstanding common shares at a ratio of ten old shares for one new share.
Effective as of the opening of trading on February 28, 2013, the Company's share capital will be trading on a post-consolidated basis under the same stock symbol NAR. Letters of transmittal describing the process by which shareholders may obtain new certificates representing their consolidated common shares will be mailed shortly to registered shareholders. Shareholders who hold their shares through a broker or other intermediary and do not have shares registered in their name will not be required to complete a letter of transmittal. No fractional shares will be issued under the share consolidation, and any fraction will be rounded to the nearest whole number. Following the consolidation, North Arrow will have issued and outstanding 7,439,747 common shares. All outstanding options of the Company will be adjusted accordingly to reflect the share consolidation.
The directors believe the share consolidation will put the Company in a better position to finance its exploration and development activities. In particular, in light of the current market conditions, the Company believes it will be beneficial to the current shareholders to have the issued share capital made more attractive to future investors.
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