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by Will Purcell

The diamond and specialty minerals stocks box score for Wednesday was a positive 107-93-110 as the TSX Venture Exchange rose five points to 573. Grenville Thomas and Ken Armstrong's North Arrow Minerals Inc. (NAR) closed unchanged at 3.5 cents on 171,000 shares Tuesday. The company has sold 16.7 million shares at five cents, raising $835,000 of the $1-million it was seeking. While it is encouraging that the company came close to its target, it did so only because insiders bought 12 million of the shares.

Worse, North Arrow has cancelled a concurrent placement of flow-through shares in which it looked to sell 8.33 million shares at six cents, seeking another $500,000. And so, with just $835,000 of the $1.5-million that the company had been seeking, Mr. Armstrong, president and chief executive officer, will have to further prioritize his priorities. For now, North Arrow says that the cash will be used to advance its Canadian diamond projects, "including the Pikoo project," and for general corporate purposes.

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