Canadian Arrow Announces Non-Brokered Private Placement
cnw
SUDBURY, ON, Aug. 19 /CNW/ - Canadian Arrow Mines Limited (CRO: TSX-V) (the "Company") is pleased to announce that subject to regulatory acceptance, the Company is arranging a non-brokered private placement consisting of up to 30,000,000 flow-through shares and up to 20,000,000 units of the Company ("Units") at a price of $0.05 flow-through share and $0.05 per Unit for gross proceeds of up to $2,500,000. Each Unit will consist of one common share of the Company and half of one common share purchase warrant (each whole such warrant, a "Warrant"). Each whole Warrant will entitle the holder thereof to acquire one common share of the Company for a period of 18 months at a price of $0.10 per common share.
The proceeds from the private placement will be used to advance exploration on its Kenbridge nickel project, its other regional projects and to provide the Company with additional working capital.
All securities issued in connection with this financing will be subject to a four-month hold period.
The Company may pay a finders' fee of up to 5% of the gross proceeds in connection with a portion of the financing.
It is anticipated that the financing will close on or about August 28, 2009.
This press release may contain "forward-looking statements" within the meaning of the Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date of this press release and the Company does not intend, and does not assume, any obligation to update these forward-looking statements.
cnw
SUDBURY, ON, Aug. 19 /CNW/ - Canadian Arrow Mines Limited (CRO: TSX-V) (the "Company") is pleased to announce that subject to regulatory acceptance, the Company is arranging a non-brokered private placement consisting of up to 30,000,000 flow-through shares and up to 20,000,000 units of the Company ("Units") at a price of $0.05 flow-through share and $0.05 per Unit for gross proceeds of up to $2,500,000. Each Unit will consist of one common share of the Company and half of one common share purchase warrant (each whole such warrant, a "Warrant"). Each whole Warrant will entitle the holder thereof to acquire one common share of the Company for a period of 18 months at a price of $0.10 per common share.
The proceeds from the private placement will be used to advance exploration on its Kenbridge nickel project, its other regional projects and to provide the Company with additional working capital.
All securities issued in connection with this financing will be subject to a four-month hold period.
The Company may pay a finders' fee of up to 5% of the gross proceeds in connection with a portion of the financing.
It is anticipated that the financing will close on or about August 28, 2009.
This press release may contain "forward-looking statements" within the meaning of the Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date of this press release and the Company does not intend, and does not assume, any obligation to update these forward-looking statements.
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