-NOT FOR DISTRIBUTION IN THE UNITED STATES OR FOR DISSEMINATION TO OR THROUGH US NEWSWIRE SERVICES-
Vancouver, BC / TNW-Accesswire / July 9, 2015 / Golden Arrow Resources Corporation (TSX-V: GRG, FRA: GAC (WKN: A0B6XQ), "Golden Arrow" or the "Company") is pleased to announce the completion of a private placement and shares for services transactions.
Golden Arrow received regulatory approval from the TSX Venture Exchange ("Exchange") for the Company's non-brokered private placement originally announced June 26, 2015. The Company issued 442,056 common shares of the Company ("common shares"), at a price of US$1.214777 (CDN$1.50) per common share for gross proceeds of US$537,000 (CDN$663,084). The common shares to be issued pursuant to the financing are subject to a four-month hold period under applicable Canadian securities laws expiring November 7, 2015.
The Company received approval from the Exchange to issue 504,201 common shares at a deemed price of US$2.38 per common share, as the final of three payments for completion of an aggregate of 15,000 meters of drilling services ("drilling services") pursuant to the terms of a shares for services agreement (see News Release dated March 10, 2014). The 504,201 issued shares will be escrowed pursuant to the terms of a voluntary escrow agreement, and will be released in due course with the completion of the drilling services. The 504,201 common shares will be subject to a four month hold period under applicable Canadian securities laws ending November 4, 2015.
The Company also received Exchange approval to issue 98,783 common shares, at a deemed price of US$1.214777 per common share, as payment for completion of an aggregate of US$120,000 of drilling and heavy equipment services pursuant to the terms of a shares for services agreement (see News Release dated January 23, 2015). The 98,783 common shares will also be subject to a four month hold period under applicable Canadian securities laws ending November 4, 2015.
The proceeds of the aforementioned financings will be used to advance exploration for the Company's flagship Chinchillas Silver Project and for general working capital.
About Golden Arrow:
Golden Arrow is a Vancouver based explorer focused on identifying, acquiring and advancing precious and base metal projects in Argentina with the goal of achieving a world class discovery. The main focus is on advancing the flagship Chinchillas Silver Project located in Jujuy, Argentina. Golden Arrow is a member of Grosso Group, a management company specialized in resource exploration, and working in Argentina where it is highly regarded and trusted since 1993.
ON BEHALF OF THE BOARD
Mr. Joseph Grosso, Executive Chairman, President and CEO
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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.