Jun 30, 2009
Golden Arrow to Raise $1.0M through a Non-Brokered Private Placement
Golden Arrow Resources Corporation (GRG -- TSX.V) ("Golden Arrow" or the "Company"), a Grosso Group member company, is pleased to announce a non-brokered private placement financing of up to 4,000,000 units at a price of 25 cents per unit, subject to regulatory approval. Each unit will consist of one common share and one warrant. Each warrant will entitle the holder thereof to purchase one additional common share in the capital of the company at a price of 40 cents per share for 18 months. Golden Arrow can accelerate warrant exercise if Golden Arrow's 15-day average stock price trades at 80 cents or higher. Directors, Officers and Employees of the Company may participate in a portion of the financing.
The proceeds will be used to advance exploration on projects in South America and for general working capital. This financing is subject to regulatory approval and the placement securities will be issued subject to a four-month hold period. A finder's fee may be payable on part of the financing.
Golden Arrow's management team is one of the most experienced in the field today. The Company is focused in Argentina and Peru in highly prospective mining regions with several drill ready projects including Portrerillos and Rio de las Taguas, located adjacent to Barrick Gold Corp.'s Pascua Lama project that is moving into production. With the Company's management and technical teams it is well positioned for continued growth.
ON BEHALF OF THE BOARD
Mr. Joseph Grosso, President & C.E.O.
For further information please contact Joseph Grosso, President & CEO, or Corporate Communications at 1-800-901-0058.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or 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.
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