Golden Arrow Reports Issuance of Shares for Services and Completion of Private Placement
Vancouver, BC / TheNewswire / February 24, 2015 / Golden Arrow Resources Corp. (TSX-V: GRG, FRA: GAC (WKN: A0B6XQ), "Golden Arrow" or the "Company") is pleased to announce that the Company has obtained TSX Venture Exchange ("Exchange") approval to issue 420,168 common shares of the Company ("common shares"), at a deemed price of US$2.38 per share, as payment for completion of 9,000 meters of drilling services pursuant to the terms of a shares for services agreement (the "Agreement") (see News Release dated March 10, 2014). The 420,168 issued shares will be escrowed pursuant to the terms of a voluntary escrow agreement, and will be released upon the earlier of the date of completion of the drilling services or the expiry of three years following the date of the Agreement. The 420,168 common shares issued in connection with this payment will also be subject to a four month hold period ending June 18, 2015.
Golden Arrow is also pleased to announce it has received regulatory approval from the TSX Venture Exchange for the Company's private placement of 100,000 units, originally announced January 23, 2015. Each unit is comprised of one common share and one share-purchase warrant. The Company issued 100,000 common shares of the Company at a price of CAD$0.20 per share for gross proceeds of CAD$20,000. Each warrant will entitle the holder thereof to purchase one additional common share in the capital of the Company at a price of CAD$0.26 (as amended; previously announced at CAD$0.25) per share for two years from the date of issue. Golden Arrow can accelerate the warrant exercise if Golden Arrow's 15-day volume weighted average share price trades at CAD$0.35 or higher. Securities issued pursuant to this private placement are subject to a four-month hold period under applicable Canadian securities laws expiring June 24, 2015. The proceeds of this private placement will be used to advance exploration for the Company's Chinchillas Silver Project and for general working capital.
About Golden Arrow:
Golden Arrow is a Vancouver-based explorer focused on identifying, acquiring and advancing precious and base metal projects in Argentina with the goal of achieving a world class discovery. The main focus is on advancing the flagship Chinchillas Silver Project located in Jujuy, Argentina. Golden Arrow is a member of Grosso Group, a management company specialized in resource exploration, and working in Argentina where it is highly regarded and trusted since 1993.
ON BEHALF OF THE BOARD
"Joseph Grosso"
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Mr. Joseph Grosso
Executive Chairman, President, CEO and Director
For further information please contact: Corporate Communications
Tel: 1-604-687-1828 / Toll-Free: 1-800-901-0058 / Email: info@goldenarrowresources.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements.
The securities being offered have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.
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