SUDBURY, ON, Feb. 16 /CNW/ - Canadian Arrow Mines Ltd. (TSXV: CRO) and Blackstone Ventures Inc. (TSXV: BLV) ("the Parties") are pleased to announce that they have agreed to terms on which Canadian
Arrow will acquire a 100% undivided interest in Blackstone Venture's
interest in the Kenbridge nickel project. Under the terms of the
original letter of agreement dated September 13th, 2006 Canadian Arrow was required to issue 2,500,000 units in its
capital stock and incur over $9,000,000 in exploration expenditures.
Under such agreement Canadian Arrow was required to make a final
payment to Blackstone of $1,000,000 by December 31, 2012. Canadian
Arrow and Blackstone have now agreed that such payment will be replaced
with a cash payment in the amount of $250,000 plus the issuance of the
$250,000 of units ("Units") of Canadian Arrow to be made by Canadian
Arrow on receipt of necessary regulatory approvals. Each Unit will be
issued at a deemed issue price of $0.0776 and will be comprised of one
common share in the capital of Canadian Arrow and one common share
purchase warrant exercisable at any time until the second anniversary
of its issuance into one common share in the capital of Canadian Arrow
at an exercise price of $0.10.
Additional information relating to Canadian Arrow is available on SEDAR
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.
SOURCE Canadian Arrow Mines Ltd.
For further information:
visit the website at www.canadianarrowmines.ca, or contact Mr. Kim Tyler President and Director toll free, 1-877-673-5462 or Mr. Andreas Curkovic at 1-416-577-9927