Canadian Arrow announces private placement of units
Thursday April 16, 2009, 9:15 am EDT
SUDBURY, ON, April 16 /CNW/ -
Canadian Arrow Mines, Ltd. -
Canadian Arrow Mines Limited (TSXV-CRO) (the "Corporation") has negotiated a non-brokered private placement of up to 10,000,000 units ("Units") to raise gross proceeds of up to $500,000. Each Unit will be issued at a price of $0.05 and be comprised of one common share of the Corporation and one-half of one common share purchase warrant (each whole such warrant being referred to herein as a "Warrant").
Each Warrant will entitle the holder thereof to purchase one common share of the Corporation (a "Warrant Share") for a period of 24 months following the closing at an exercise price of $0.10. In the event that the closing price of the outstanding common shares of the Corporation on the TSX Venture Exchange is in excess of $0.15 for a period of 20 consecutive trading days at any time after the closing, the Corporation may, at its option, accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case the Warrants will expire at 4:00 p.m. (Toronto time) on the date which is the earlier of: (i) the 30th day after the date on which such notice is given by the Corporation; and (ii) the date which is 24 months after the closing. In connection with the offering the Company may pay a commission to certain entities out of the gross proceeds of the offering. The offering remains subject to regulatory approval.
Proceeds from the placement will be utilised by the Company for general working capital purposes.
The Company will have 81,147,522 shares outstanding following the completion of the offering, assuming that it is fully subscribed.
About Canadian Arrow:
Canadian Arrow Mines Limited (CRO-TSXV) is an experienced exploration and mine operating team that is focused on acquiring and developing economically viable nickel sulphide deposits near existing infrastructure. Arrow operates in northwestern Ontario, Canada, near the towns of Kenora and Dryden. The company's main priority is the Kenbridge Nickel Project, a nickel-copper sulphide deposit containing over 44,000 tonnes of nickel in the measured & indicated classes. (Sedar, Aug 2008).
Investors are invited to visit Canadian Arrow's IR hub at http://www.agoracom/IR/CanadianArrow
where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternately, investors are able to e-mail all questions and correspondence to CRO(at)agoracom.com where they can also request addition to the investor e-mail list to receive future press releases and updates in real time.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
For further information
visit the website at www.canadianarrowmines.ca, or call toll free, 1-877-262-6354, or contact Canadian Arrow Mines, Ltd., R. Kim Tyler, P. Geo, President, Tel: (705) 673-8259, E-mail: email@example.com
CHF Investor Relations, Julia Clark, Director of Communications, Tel: (416) 868-1079 ext. 236, E-mail: firstname.lastname@example.org