By Sheri Kasprzak
Atlanta, Dec. 7 - Canadian Arrow Mines Ltd. said Tuesday it plans to raise C$1 million in a private placement.
The company intends to issue up to 1.5 million units at about C$0.65 each.
The units are comprised of one flow-through common share and one half-share warrant. The whole warrants allow for an additional share at C$0.70 each for one year.
Based in Timmins, Ont., Canadian Arrow Mines is a base metal exploration and development company. It intends to use the proceeds from the financing for its grassroots exploration projects.
| Issuer: | Canadian Arrow Mines Ltd.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$1 million
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| Shares: | 1.5 million
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| Price: | C$0.65
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$0.70
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| Announcement date: | Dec. 7
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| Stock price: | C$0.62 at close Dec. 7
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