Anglo Celtic Exploration Ltd.

February 26, 2009 20:22 ET

D. Grenville Thomas Acquires Common Shares and Warrants of North Arrow Minerals Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 26, 2009) - D. Grenville Thomas announces that he has acquired, through Anglo Celtic Exploration Ltd., ownership and control of 4,000,000 common shares and 4,000,000 common share purchase warrants of North Arrow Minerals Inc. ("North Arrow") in a private placement of units at $0.05 per unit or in aggregate $200,000 in cash. Each unit is comprised of one common share of North Arrow and one common share purchase warrant entitling the holder to purchase one common share of North Arrow at $0.10 on or before February 26, 2011. All North Arrow units were acquired by Mr. Thomas for investment purposes.

Upon completion of these transactions, North Arrow has 25,810,795 common shares outstanding, of which 19.5%, or 5,026,939 common shares, are held by Mr. Thomas. In addition, under applicable securities laws, Mr. Thomas is deemed to own all of the common shares of North Arrow issuable upon exercise of the 4,000,000 warrants acquired in the private placement and all 350,000 stock options of North Arrow held by him as a director and Chairman of North Arrow. Therefore, including all common shares Mr. Thomas is deemed to own, Mr. Thomas owns 9,376,939, or approximately 31.1% of the outstanding, common shares of North Arrow.

Mr. Thomas does not presently intend to increase his shareholdings in North Arrow.

A copy of the early warning report being filed by Mr. Thomas may be obtained by contacting Zara Boldt, Corporate Secretary of North Arrow, at 604-668-8355.

D. Grenville Thomas

Contact Information

  • Anglo Celtic Exploration Ltd.
    D. Grenville Thomas
    (604) 668-8355
    (604) 668-8366 (FAX)