By Devika Patel
Knoxville, Tenn., Sept. 18 - Canadian Arrow Mines Ltd. said it has closed the first tranche of a C$2.5 million non-brokered private placement of units and stock, raising C$1.83 million. The deal priced on Aug. 19.
The company is selling flow-through shares and units of one common share and one half-share warrant at C$0.05 per unit and share. It sold 5.7 million units and 30.9 million shares in this tranche.
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
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| Amount: | C$2.5 million
|
| Price: | C$0.05
|
| Agent: | Non-brokered
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| Pricing date: | Aug. 19
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| Settlement date: | Sept. 18 (for C$1.83 million)
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| Stock symbol: | TSX Venture: CRO
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| Stock price: | C$0.06 at close Aug. 18
|
| Market capitalization: | C$4.79 million
|
|
|
| Units
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| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.10
|
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| Shares
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| Warrants: | No
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