US Funds bought 13%EARLY WARNING REPORT UNDER
THE ALTERNATIVE MONTHLY REPORTING SYSTEM
OF NATIONAL INSTRUMENT 62-103
1. Name and address of the eligible institutional investor:
U.S. Global Investors, Inc. (“USGI”)
7900 Callaghan Road
San Antonio, TX 78229
2. Name of the reporting issuer:
Golden Arrow Resources Corporation (“Issuer”)
3. Period for which the report is filed:
Period ended May 31, 2009
4. Net increase or decrease in the number or principal amount of securities, and in the
eligible institutional investor’s security holding percentage in the class of securities,
since the last report filed by the eligible institutional investor under the early warning
requirements:
This is an initial report filed by USGI for the purpose of reporting that USGI’s beneficial
ownership of the Issuer is now more than 10% (at 13.07%).
5. Designation and number or principal amount of securities and the eligible institutional
investor’s security holding percentage in the class of securities at the end of the month
for which the report is made:
USGI exercises control or direction over 1,526,500 common shares and 1,350,000
common share purchase warrants of the Issuer (collectively, the “Securities”),
representing approximately 13.07% of the issued and outstanding common shares of the
Issuer (assuming exercise of the convertible securities).