Golden Arrow Closes Non-Brokered Private Placement
Golden Arrow Closes Non-Brokered Private
Placement
/NOT FOR DISTRIBUTION TO
THE UNITED STATES
/
TSX Venture Exchange (TSX-V):
GRG
Frankfurt Stock Exchange (FSE):
G6A
OTCQB Venture Market (OTCQB):
GARWF
VANCOUVER, BC
,
Oct. 27, 2023
/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 non-brokered private placement financing, as announced on
September 13
and
September 26, 2023
, through the issuance of 11,709,357 units at a subscription price of
$0.07
per
unit (a "
Unit
" or "
Units"
) for aggregate gross proceeds to the Company of
$819,655
.
Each Unit consists of one common share and one transferrable common share purchase warrant (a
"
Warrant
"). Each Warrant will entitle the holder thereof to purchase one additional common share in
the capital of the Company at
$0.15
per share for three (3) years from the date of issue expiring on
September 26, 2026
.
Finder's fees of
$23,877.70
are payable in cash on a portion of the private placement to parties at
arm's length to the Company. In addition, 341,110 non-transferable finder's warrants are issuable
(the "
Finder's
Warrants
"). Each Finder's Warrant entitling a finder to purchase one common share
at a price of
$0.15
per share for three (3) years from the date of issue, expiring on
September 26,
2026
.
Certain insiders of the Company participated in the Private Placement for
$45,710
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 under applicable Canadian securities laws expiring
on
January 26, 2024
. The proceeds of the financing will be used for general working capital and
exploration on all its properties.
About
Golden Arrow
:
Golden Arrow Resources Corporation is a mining exploration company with a successful track
record of creating value by making precious and base metal discoveries and advancing them into
exceptional deposits.
Golden Arrow
is actively exploring its flagship property, the advanced San Pietro iron oxide-copper-
gold-cobalt project in
Chile
, and a portfolio that includes nearly 125,000 hectares of prospective
properties in
Argentina
.
The 100%-held San Pietro Project covers nearly 18,500 hectares, approximately 100 kilometres
north of Copiapo in the centre of a potential new copper-cobalt region within an active mining district
that is home to all the major iron oxide-copper-gold ("IOCG") deposits in
Chile
. San Pietro hosts
multiple targets with strong IOCG+cobalt mineralization, and the Company is working to delineate its
first mineral resource for the project in 2024.
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
, President, CEO and Director
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.
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
.
SOURCE
Golden Arrow Resources Corporation
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For further information:
Corporate Communications, Tel: 1-604-687-1828, Toll-Free: 1-800-901-
0058, Email: [email protected]
CO: Golden Arrow Resources Corporation
CNW 17:00e 27-OCT-23