Canadian Arrow closes $1.5-million private placemeCanadian Arrow closes $1.5-million private placement
Canadian Arrow Mines Ltd (C:CRO)
Shares Issued 68,889,722
Last Close 7/18/2008 $0.27
Monday July 21 2008 - News Release
Mr. R. Kim Tyler reports
CANADIAN ARROW COMPLETES $1.5 MILLION PRIVATE PLACEMENT
Canadian Arrow Mines Ltd. has closed its previously proposed non-brokered private placement pursuant to which it issued 4,284,150 common shares on a flow-through basis at a price of 35 cents per share for gross proceeds of approximately $1.5-million. In connection with the offering, the company paid a commission to certain entities in the amount of 5 per cent of the gross proceeds of the offering.
Proceeds from the placement will be used by the company for general exploration on its regional exploration projects in Northwestern Ontario.
The company has 68,889,722 shares outstanding following the completion of the offering. The shares issued in connection with the offering are subject to a four-month hold period.
© 2008 Canjex Publishing Ltd.