Golden Arrow Closes 2nd Tranche and Increases Non-Brokered Private Placement
Golden Arrow Closes 2nd Tranche and Increases Non-Brokered
Private Placement
TSX Venture Exchange (TSX-V):
GRG
Frankfurt Stock Exchange (FSE):
G6A
OTCQB Venture Market (OTCQB):
GARWF
VANCOUVER
,
March 5, 2019
/CNW/ -
Golden Arrow Resources Corporation (TSX-V: GRG, FSE: G6A, OTCQB: GARWF),
("
Golden
Arrow
" or the "
Company
") is pleased to announce it has closed the second tranche of a non-brokered private placement (the "
Private
Placement
") through the issuance of 1,290,367 units ("
Units
") at a subscription price of
$0.30
per Unit for aggregate gross proceeds to the
Company of
$387,110
. In addition, due to continued strong demand, the Company has increased the Unit offering to up to
C$4.1 million
in
aggregate gross proceeds. All other terms of the financing will remain the same.
Each Unit will consist of one common share and one transferrable common share purchase warrant ("
Warrant
"). Each Warrant will entitle
the holder thereof to purchase one additional common share in the capital of the Company at
$0.40
per share for two years from the date of
issue.
Finder's fees of
$6,450
are payable in cash on a portion of the private placement to parties at arm's length to the Company. In addition,
17,502 non-transferable finder's warrants are being issued (the "
Finder's
Warrants
"). Each Finder's Warrant entitles a finder to purchase
one common share at a price of
$0.40
per share for two years from the date of issue, expiring on
July 5
, 2019.
The proceeds of the financing will be used for general working capital.
An insider of the Company participated in the second tranche of the Private Placement for
$15,000
in Units. Such participation represents a
related-party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"),
but the transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair
market value of the subject matter of the transaction, nor the consideration paid, exceed 25% of the Company's market capitalization.
This financing is subject to regulatory approval and all securities to be issued pursuant to the financing are subject to a four-month hold
period expiring on
July 5, 2019
.
About
Golden Arrow
:
Golden Arrow Resources Corporation is an exploration company earning production income. The Company has a successful track record of
creating value by making precious and base metal discoveries and advancing them into exceptional deposits.
Golden Arrow
owns a 25%
share of Puna Operations Inc., a joint venture operated by SSR Mining, with more than 8 years of forecast production and upside potential at
the Pirquitas -Chinchillas silver mining project. Golden Arrow is actively exploring on its more than 200,000 hectares of properties in
Argentina. The Company is a member of the Grosso Group, a resource management group that has pioneered exploration in
Argentina
since 1993.
ON BEHALF OF THE BOARD
"Joseph Grosso"
_______________________________
Joseph Grosso
,
Executive Chairman, President and CEO
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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SOURCE
Golden Arrow Resources Corporation
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%SEDAR: 00042897E
For further information:
Corporate Communications, Tel: 1-604-687-1828, Toll-Free: 1-800-901-0058, Email:
CO: Golden Arrow Resources Corporation
CNW 09:30e 05-MAR-19