A psychrotolerant cyanobacterium, Nodularia spumigena KNUA005, was isolated from a cyanobacterial bloom sample collected near Dasan Station in Ny-${AA}lesund$, Svalbard Islands during the Arctic summer season. To generate an axenic culture, the isolate was subjected to three purification steps: centrifugation, antibiotic treatment and streaking. The broad antibacterial spectrum of imipenem killed a wide range of heterotrophic bacteria, while the cyanobacterium was capable of enduring both antibiotics, the remaining contaminants that survived after treatment with imipenem were eliminated by the application of an aminoglycoside antibiotic, kanamycin. Physical separation by centrifugation and streaking techniques also aided axenic culture production. According to the cold-tolerance test, this mat-forming cyanobacterium was able to proliferate at low temperatures ranging between 15 and $20^{circ}C$ which indicates the presence of cold-tolerance related genes in N. spumigena KNUA005. This suggests the possibility of incorporating cold-resistance genes into indigenous cyanobacterial strains for the consistent production of algae-based biofuel during the low-temperature seasons. Therefore, it is needed to determine the cold-tolerance mechanisms in the Arctic cyanobacterium in the next research stage.