Globe/CP say Delphi sees a future in owning Fairmount

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Globe/CP say Delphi sees a future in owning Fairmount

2009-08-24 05:04 ET - In the News

Also In the News (C-FMT) Fairmount Energy Inc

The Globe and Mail reports in its Saturday edition that Delphi Energy is buying Fairmount Energy. A Canadian Press dispatch to The Globe reports that Delphi will swap 0.3571 of a common share for each common share of Fairmount. The deal is worth $14.5-million, including the assumption of $7.3-million of debt and transaction costs of $1.4-million.

The friendly bid will be mailed to Fairmount shareholders on Aug. 28 and will expire 35 days later, the Calgary-based oil patch junior said. The deal is backed by the boards of both companies. Directors and senior executives of Fairmount holding more than 23.4 per cent of the company's shares have agreed to tender their stock to the bid under lockup arrangements.

Delphi stock jumped a nickel Friday to close on the Toronto Stock Exchange at $1.05. Fairmount stock shed half a penny to close on the TSX at 39.5 cents.

Schachter Asset Management president Josef Schachter recommended buying Delphi stock in The Globe on Nov. 19 when it could be had for $1.20.

Aston Hill Financial vice-president Joanne Hruska was bullish on Delphi in The Globe on Dec. 7, 2007, when it was worth $1.72.

Mr. Schachter said buy Delphi in The Globe on June 5, 2007. It was then trading at $1.96.

Cro Gets Financing $0.05 flow-through share and $0.05 per Unit for gross proceeds of up to $2,500,000.

Canadian Arrow Announces Non-Brokered Private Placement


10:34 EDT Wednesday, August 19, 2009

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES/


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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For further information: visit the website at www.canadianarrowmines.ca, or contact Kim Tyler, President and Director, toll free, 1-877-262-6354

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