Canadian Arrow Mines Limited Closes First Tranche of Private Placement
19.10.2010 | CNW
SUDBURY, Oct. 19 - Canadian Arrow Mines Limited (CRO: TSX-V) (the "Company") is pleased to announce that it has today closed the first tranche of its previously disclosed non-brokered private placement raising gross proceeds of $555,690.10 through the issuance of 7,938,430 units of the Company ("Units") at a price of $0.07 per Unit. Each Unit consists of one common share of the Company and one common share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder thereof to acquire one common share of the Company for a period of 24 months at a price of $0.10 per common share.The proceeds from the private placement will primarily be used to advance the Company's Timmins, Ontario area Alexo and Kelex nickel projects towards production in addition to general working capital.
All securities issued in connection with this financing will be subject to a four-month hold period.
In connection with the closing the Company paid a finders' fee of $6,289.15 of the gross proceeds in connection with a portion of the financing.
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.
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For further information: visit the website at www.canadianarrowmines.ca, or contact Mr. Kim Tyler President and Director toll free, 1-877-262-6354