/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES/
SUDBURY, ON, Aug. 19 /CNW/ - Canadian Arrow Mines Limited (CRO: TSX-V)
(the "Company") is pleased to announce that subject to regulatory acceptance,
the Company is arranging a non-brokered private placement consisting of up to
30,000,000 flow-through shares and up to 20,000,000 units of the Company
("Units") at a price of $0.05 flow-through share and $0.05 per Unit for gross
proceeds of up to $2,500,000. Each Unit will consist of one common share of
the Company and half of one common share purchase warrant (each whole such
warrant, a "Warrant"). Each whole Warrant will entitle the holder thereof to
acquire one common share of the Company for a period of 18 months at a price
of $0.10 per common share.
The proceeds from the private placement will be used to advance
exploration on its Kenbridge nickel project, its other regional projects and
to provide the Company with additional working capital.
All securities issued in connection with this financing will be subject
to a four-month hold period.
The Company may pay a finders' fee of up to 5% of the gross proceeds in
connection with a portion of the financing.
It is anticipated that the financing will close on or about August 28,
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:
For further information: visit the website at www.canadianarrowmines.ca,
or contact Kim Tyler, President and Director, toll free, 1-877-262-6354