By Devika Patel
Knoxville, Tenn., Aug. 19 - Canadian Arrow Mines Ltd. said it will raise C$2.5 million in a non-brokered private placement of units and stock.
The company said it will sell 30 million flow-through shares and 20 million units of one common share and one half-share warrant at C$0.05 per unit and share.
Each whole warrant will be exercisable at C$0.10 for 18 months.
Proceeds will be used for exploration and working capital.
Based in Sudbury, Ont., Canadian Arrow Mines is a base metal exploration and development company.
| Issuer: | Canadian Arrow Mines Ltd.
|
| Issue: | Units of one common share and one half-share warrant, flow-through shares
|
| Amount: | C$2.5 million
|
| Price: | C$0.05
|
| Agent: | Non-brokered
|
| Pricing date: | Aug. 19
|
| Stock symbol: | TSX Venture: CRO
|
| Stock price: | C$0.06 at close Aug. 18
|
| Market capitalization: | C$4.75 million
|
|
|
| Units
|
| Amount: | C$1 million
|
| Units: | 20 million
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.10
|
|
|
| Shares
|
| Amount: | C$1.5 million
|
| Shares: | 30 million
|
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