| July 30, 2009 Golden Arrow Closes Oversubscribed Financing | |
| Golden Arrow Resources Corporation (GRG -- TSX.V) ("Golden Arrow" or the "Company") is pleased to announce that it has received regulatory approval from the TSX Venture Exchange for the Company's non-brokered private placement (the "Financing") originally announced in the Company's news release dated June 30, 2009. The Company's news release anticipated that 4,000,000 units would be issued in the Financing. The final number of units which will be issued in the Financing is 5,115,000 units at a price of $0.25 per unit, for gross proceeds to the Company of $1,278,750. This represents an oversubscription of $278,750 from the amount originally announced. Each unit consists of one common share and one non-transferable common share purchase warrant. Each warrant entitles the holder thereof to purchase one additional common share in the capital of the Company at a price of $0.40 per share for 18 months following the date of the closing of the private placement. Golden Arrow can accelerate the warrant exercise if Golden Arrow's common shares trade at 80 cents or higher for 15 consecutive trading days. Directors and officers of the Company have subscribed for a portion of the Financing. The proceeds from the Financing will be used to maintain and further advance exploration on projects in South America and for general working capital. All securities to be issued in the Financing are subject to a four month hold period under applicable Canadian securities laws, expiring on December 1, 2009. Aggregate finders' fees of $79,300 are payable in cash to non-arm's length parties to the Company on a portion of this Financing, such fees representing 8% of the gross proceeds received from certain subscribers introduced to the Company by the finders. 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. ON BEHALF OF THE BOARD "Joseph Grosso" Mr. Joseph Grosso, President & C.E.O. For further information please contact Joseph Grosso, President & CEO or our Corporate Communications department at 604-687-1828 or toll free 1-800-901-0058 or fax 604-687-1858. The TSX Venture Exchange does not accept responsibility for the adequacy or the accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. 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.
2009
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