Triple Witching Friday

Stock markets look to open little changed at end of positive week
8:51 September 18, 2009, EDT.
(Canadian Press)


TORONTO - The Toronto stock market looked set for another flat start to the trading day Friday amid a dearth of market-moving corporate news and economic data.

The main TSX index drifted 27 points lower Thursday, breaking a solid five-day advance that netted more than 500 points as investors grow more confident about an economic recovery.

New York futures also pointed to a weak open as the Dow Jones industrial futures moved up 13 points to 9,750, the Nasdaq futures were up 2.2 points to 1,722.2 and the S&P 500 futures inched up a point to 1,063.8.

A pickup in U.S. dollar strength send the Canadian dollar down 0.33 of a cent to 93.41 cents US

Oil prices could be a source of weakness in Toronto as the October crude contract on the New York Mercantile Exchange lost 31 cents to U$72.17 a barrel. However, crude is still up more than US$3 on the week, on hopes that the United States, the biggest oil consumer, is on the road to recovery.

Still, the recession has sapped American fuel consumption, and U.S. oil stockpiles are 14 per cent larger than last year.

Economic confidence has risen this week after Federal Reserve chairman Ben Bernanke said the recession is for intents and purposes over, industrial production rose sharply in August and housing starts are heading higher.

A wild card in Friday's trading is the fact that it is a "quadruple witching day."

This happens four times a year on the third Friday of the last month of the quarter when contracts on stock futures, stock index futures, stock options and stock index options all expire the same day, and this can make for a volatile session.

Metal prices were mixed as the December bullion contract on the New York Mercantile Exchange rose $1.70 to US$1,015.20 an ounce while December copper was off three cents to US$2.87 a pound.

European markets traded in a narrow range as Germany's DAX and the Paris CAC were flat while Britain's FTSE 100 rose 0.1 per cent.

Asian markets closed mostly lower, as Japan's Nikkei 225 stock average fell 0.7 per cent while

Hong Kong's Hang Seng dropped 0.7 per cent and China's Shanghai index lost 3.2 per cent.

CRO Completes Financing

Canadian Arrow Completes First Tranche of Private Placement with Investors including MineralFields Group

cnw

TORONTO, Sept. 18 /CNW/ - Canadian Arrow Mines Limited (CRO: TSX-V) (the "Company") is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement pursuant to which it issued 5,700,000 units at a price of $0.05 per unit for gross proceeds of $285,000 and 30,900,00 flow-through shares at a price of $0.05 per share for gross proceeds of $1,545,000 (together, the "Offering").


Each Unit is comprised of one common share of the Company and one-half of one common share purchase warrant (each whole such warrant being referred to herein as a "Warrant"). Each Warrant entitles the holder thereof to purchase one common share of the Company (a "Warrant Share") for a period of 18 months following the closing at an exercise price of $0.10.


The investors acquiring securities in the Offering included the MineralFields Group. "We are very pleased to have completed this phase of the offering and to have the involvement of the MineralFields Group", said Kim Tyler, the Company's President. "This is an important milestone in the growth of the Company and we look forward to working with MineralFields Group and our other investors as we develop our properties."


In connection with the Offering the Company paid a commission to certain registered dealers in the amount of 5% of the gross proceeds. It is anticipated that the closing of the remainder of the private placement will take place on or before September 30th, 2009.


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.

The Company has 116,938,950 shares outstanding following the completion of the Offering.

The securities issued in connection with the Offering are subject to a four month hold period.

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.