Navigator arranges financing

Junior Navigator Exploration (NVR-V) has arranged a brokered private placement in order to finance exploration of its diamond properties in Ontario and the Northwest Territories.

The financing consists of 909,090 units priced of 55 each, for gross proceeds of $500,000.

Each unit consists of one flow-through share and a half-share purchase warrant. A full warrant entitles the owner to buy an additional share at 75 for 18 months.

Navigator holds varying interests in about 1,900 sq. km of prospective early-stage diamond properties.

The junior can earn a half-interest from Canabrava Diamond (CNB-V) in the Severn package of claims in northern Ontario by spending $1.75 million over two years. Navigator is committed to spending $1 million in the first year.

This past summer, Navigator completed airborne magnetic geophysical surveys over the claim group, which can be divided into three distinct regions referred to as Kat, Ogoki and Caribou. The Kat claims comprise the largest contiguous land package, consisting of 150 sq. km in the Attawapiskat area, where De Beers Canada Exploration is awaiting bulk sample results from the Victor kimberlite pipes.

In addition to the airborne work, Navigator staked new ground and completed additional sampling and ground geophysics in preparation for drilling in late 2000 or early 2001.