SUDBURY, ON, April 16 /CNW/ - Canadian Arrow Mines, Ltd. (CRO: TSX-V)
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@agoracom.com where they can also request addition to the
investor e-mail list to receive future press releases and updates in real
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 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:
firstname.lastname@example.org; CHF Investor Relations, Julia Clark, Director of
Communications, Tel: (416) 868-1079 ext. 236, E-mail: email@example.com