Golden Arrow Resources Corporation (TSXV: GRG | FSE: G6A | OTCQB: GARWF) has closed the first tranche of its non-brokered private placement financing through the issuance of 11,709,357 units at a price of $0.07 each for gross proceeds of C$819,655.
Each unit consists of one share and one transferrable share purchase warrant. Each warrant will entitle the holder to purchase one additional share at C$0.15 each until 26 September 2026.
Finder’s fees of C$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. Each finder’s warrant entitling the purchase of one share at a price of C$0.15 each for three years from the date of issue.
Certain insiders participated for C$45,710 worth of units. Such participation represents a related-party transaction under MI 61-101, but the transaction is exempt from the formal valuation and minority shareholder approval requirements 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 in late January 2024. The proceeds of the financing will be used for general working capital and exploration on all Golden Arrow’s properties.
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 125,000ha of prospective properties in Argentina.
For further information, please visit: www.goldenarrowresources.com
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