Golden Arrow Resources Completes the Sale of its Interest in Puna Operations
Golden Arrow Resources Completes the Sale of its Interest in
Puna Operations
All dollar amounts in Canadian Dollars unless otherwise noted
TSX Venture Exchange (TSX-V):
GRG
Frankfurt Stock Exchange (FSE):
G6A
OTCQB Venture Market (OTCQB):
GARWF
VANCOUVER
,
Sept. 19, 2019
/CNW/ -
Golden Arrow Resources Corporation (TSX-V: GRG, FSE: G6A, OTCQB: GARWF)
("Golden Arrow" or the "Company")
, is pleased to announce that the Company has successfully completed the transaction announced
on
July 22, 2019
and has sold the Company's 25% interest in Puna Operations Inc. ("
Puna Operations
") to SSR Mining Inc. (TSX:
SSRM); (NASDAQ: SSRM) ("
SSRM
") (the "
Transaction
").
The full details of the Transaction were set out in our news release dated
July 22, 2019
. As consideration for the sale of its 25% interest
in Puna Operations,
Golden Arrow
received:
C$3.0 million
in cash consideration
1,245,580 common shares of SSRM representing a value of approximately
C$25.9 million
and calculated using a price per share
based on the 20-day volume weighted average trading price of SSRM's common shares on the Toronto Stock Exchange ending on
September 17, 2019
Approximately
C$15.1 million
in cash, which amount was used to repay in full the outstanding principal and accrued interest owed by
Golden Arrow
under the credit agreement entered into in
July 2018
with SSRM
The return for cancellation, for no consideration, of 4,285,714
Golden Arrow
common shares owned by SSRM
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. The Company is well-leveraged to the price of gold,
having monetized its Chinchillas silver discovery into a significant holding in precious metals producer SSRM.
Golden Arrow
is actively exploring a portfolio that includes advanced projects in
Chile
, a district-scale frontier opportunity in
Paraguay
,
and more than 185,000 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"
_______________________________
Mr.
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.
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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 19-SEP-19