Non-brokered offering's proceeds earmarked for general working capital
By Devika Patel
Knoxville, Tenn., Oct. 27 - Canadian Arrow Mines Ltd. said it completed the second tranche of a non-brokered private placement. The C$1 million offering, which priced Oct. 1, is raising proceeds for general working capital. The company raised C$555,690 on Oct. 19 and C$109,060 in this tranche.
The company is selling a total of 14.3 million units at C$0.07 apiece. It sold 7,938,430 units in the first tranche and 1,558,000 units in this one. Each unit consists of one common share and one warrant, with each warrant exercisable at C$0.10 for two years.
The strike price reflects a 53.85% premium to C$0.065, the Sept. 30 closing share price.
Proceeds will be used to re-start production on the company's Timmins nickel projects as well as for general working capital.
Based in Sudbury, Ont., Canadian Arrow is a base metal exploration and development company.
| Issuer: | Canadian Arrow Mines Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1,001,000
|
| Units: | 14.3 million
|
| Price: | C$0.07
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 1
|
| Settlement date: | Oct. 19 (for C$555,690), Oct. 27 (for C$109,060)
|
| Stock symbol: | TSX Venture: CRO
|
| Stock price: | C$0.065 at close Sept. 30
|
| Market capitalization: | C$8.79 million
|
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