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Golden Arrow Closes Oversubscribed Financing
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Golden Arrow Resources Corporation (GRG -- TSX.V) ("Golden Arrow" or
the "Company") is pleased to announce that it has received regulatory
approval from the TSX Venture Exchange for the Company's non-brokered
private placement (the "Financing") originally announced in the
Company's news release dated June 30, 2009.
The Company's news release anticipated that 4,000,000 units would be
issued in the Financing. The final number of units which will be
issued in the Financing is 5,115,000 units at a price of $0.25 per
unit, for gross proceeds to the Company of $1,278,750. This represents
an oversubscription of $278,750 from the amount originally announced.
Each unit consists of one common share and one non-transferable common
share purchase warrant. Each warrant entitles the holder thereof to
purchase one additional common share in the capital of the Company at a
price of $0.40 per share for 18 months following the date of the
closing of the private placement. Golden Arrow can accelerate the
warrant exercise if Golden Arrow's common shares trade at 80 cents or
higher for 15 consecutive trading days. Directors and officers of the
Company have subscribed for a portion of the Financing.
The proceeds from the Financing will be used to maintain and further
advance exploration on projects in South America and for general
working capital.
All securities to be issued in the Financing are subject to a four
month hold period under applicable Canadian securities laws, expiring
on December 1, 2009. Aggregate finders' fees of $79,300 are payable in
cash to non-arm's length parties to the Company on a portion of this
Financing, such fees representing 8% of the gross proceeds received
from certain subscribers introduced to the Company by the finders.
The securities being offered have not been, nor will they be registered
under the United States Securities Act of 1933, as amended, or state
securities laws and may not be offered or sold within the United States
or to, or for the account or benefit of, U.S. persons absent U.S.
federal and state registration or an applicable exemption from the U.S.
registration requirements. This release does not constitute an offer
for sale of securities in the United States.
ON BEHALF OF THE BOARD
"Joseph Grosso"
Mr. Joseph Grosso, President & C.E.O.
For further information please contact Joseph Grosso, President & CEO
or our Corporate Communications department at 604-687-1828 or toll free
1-800-901-0058 or fax 604-687-1858.
The TSX Venture Exchange does not accept responsibility for the
adequacy or the accuracy of this release.
This news release may contain forward-looking statements including but
not limited to comments regarding the timing and content of upcoming
work programs, geological interpretations, receipt of property titles,
potential mineral recovery processes, etc. Forward-looking statements
address future events and conditions and therefore involve inherent
risks and uncertainties. Actual results may differ materially from
those currently anticipated in such statements.
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Copyright (c) 2009 GOLDEN ARROW RESOURCES CORPORATION (GRG) All rights
reserved. For more information visit our website at
http://www.goldenarrowresources.com/ or send
mailto:info@goldenarrowresources.com
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Golden Arrow Resources
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EXPLORATION STAGE |
CODE : GRG.V |
ISIN : CA3808001026 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Golden Arrow Res. is a gold exploration company based in Canada. Golden Arrow Res. holds various exploration projects in Argentina. Its main exploration properties are COSTA (GOLDEN ARROW), VICTORIA AND LAS BAYAS, PENASCUDO (GOLDEN ARROW), GUALCAMAYO (GOLDEN ARROW), PONCHA, VARITAS, POTRENILLOS, MOGOTES, SAN JOSE (GOLDEN ARROW), ANTIGUYO and VALLE DEL CURA in Argentina and RIO TABACONAS in Peru. Golden Arrow Res. is listed in Canada and in United States of America. Its market capitalisation is CA$ 7.3 millions as of today (US$ 5.3 millions, € 5.0 millions). Its stock quote reached its highest recent level on April 05, 2007 at CA$ 1.50, and its lowest recent point on September 18, 2023 at CA$ 0.07. Golden Arrow Res. has 97 280 000 shares outstanding. |