SUDBURY, ON, April 30 /CNW/ - Canadian Arrow Mines, Ltd. (CRO: TSX-V)
(the "Company") is pleased to announce that it has closed the first tranche of
its previously announced non-brokered private placement (the "Offering")
pursuant to which it issued 5,700,000 units at a price of $0.05 per unit for
gross proceeds of approximately $285,000. Each Unit is comprised of one common
share of the Company and one-half of one common share purchase warrant (each
whole such warrant being referred to herein as a "Warrant").
Each Warrant entitles the holder thereof to purchase one common share of
the Company (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 Company 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 Company 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 Company;
and (ii) the date which is 24 months after the closing. The securities issued
in connection with the Offering are subject to a four-month hold period.
In connection with the Offering the Company paid a commission to a
registered dealer in the amount of $5,000. It is anticipated that the closing
of the remainder of the Offering will take place on or before May 8, 2009.
Proceeds from the placement will be utilized by the Company for general
working capital purposes.
The Company has 76,847,522 shares outstanding following the completion of
the first tranche of the Offering.
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 a measured and
indicated resource totaling 7.1m tonnes at an average of 0.62% Ni and 0.33%
Cu. (Sedar, Aug 2008).
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