Sept 16 (Reuters) - Northwest Arm Capital Inc
* Says entered into an arm's length definitive option agreement with Altius Resources Inc.
* Company expects to complete a non-brokered private placement financing of 5 million common shares at a price of $0.25 per share
* Northwest Arm Capital Inc. announces proposed qualifying transaction
* Property is comprised of two separate claim groups totaling 688 claims and 172 square kilometers in central Newfoundland
* Says upon completion of qualifying transaction, Altius will become an insider of company Source text for Eikon: Further company coverage: