/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
TIMMINS, ON, March 29 /CNW/ - Canadian Arrow Mines Limited (CRO:TSX-V)
(the "Company") is pleased to announce that it has entered into an agreement
with Canaccord Capital Corporation ("Canaccord"), which has agreed to
purchase, on a bought deal private placement basis, 10,000,000 Units of the
Company at a price of C$0.50 per Unit, for aggregate gross proceeds of
C$5,000,000. Each Unit will consist of one common share and one-half of one
common share purchase warrant. Each whole warrant, expiring 18 months from
closing, will entitle the holder to subscribe for one additional common share
at a price of C$0.70.
Canaccord will also have the option to purchase up to an additional
1,500,000 Units at the issue price for a period of up to 48 hours prior to
closing for additional gross proceeds of up to C$750,000. The Company plans to
use the net proceeds of this financing to continue exploration of the
Company's mineral properties and for general working capital purposes.
The offering is scheduled to close on or about April 17, 2007 and is
subject to certain conditions including, but not limited to, the receipt of
all necessary approvals including the approval of the TSX Venture Exchange.
The securities to be issued under this offering will be offered by way of
private placement exemptions in all the provinces of Canada, offshore and in
the United States on a private placement basis pursuant to an exemption from
the registration requirements of the United States Securities Act of 1933, as
This news release is intended for distribution in Canada only and is not
intended for distribution to United States newswire services or dissemination
in the United States. The Company and Canaccord agree that the Units will not
be offered or sold in the United States or to, or for the account of, United
States persons except to accredited investors pursuant to the exemption from
the registration requirements contained under the United States Securities Act
of 1933, as amended to deal with the possibility that the Units may be sold to
United States persons.
About Canadian Arrow Mines, Ltd.
Canadian Arrow Mines, Ltd. is an established Canadian exploration and
development Company committed to developing and advancing base metal deposits
close to existing infrastructure through exploration, development and
acquisition. Shares of Canadian Arrow Mines trade on the TSX Venture Exchange
under the symbol "CRO".
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THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL
RESPONSIBILITY FOR ITS CONTENTS. THE TSX VENTURE EXCHANGE NEITHER
APPROVES NOR DISAPPROVES OF THIS PRESS RELEASE.
For further information:
For further information: visit the website at www.canadianarrowmines.ca,
or call toll free, (877) 262-6354, or contact: Canadian Arrow Mines, Ltd.,
Dean MacEachern, Vice President, Exploration, Tel: (705) 673-8259, E-mail:
firstname.lastname@example.org; CHF Investor Relations, Account Manager, CHF
Investor Relations, (416) 868-1079 ext. 247, email@example.com