17:45:01 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Arrowstar Resources Ltd (2)
Symbol AWS
Shares Issued 13,524,921
Close 2016-06-08 C$ 0.125
Market Cap C$ 1,690,615
Recent Sedar Documents

Arrowstar acquires Secret Pass option, raises $345,000

2016-06-21 19:12 ET - News Release

Mr. Phil Thomas reports

ARROWSTAR CLOSES ASSIGNMENT AGREEMENT AND PRIVATE PLACEMENT

Arrowstar Resources Ltd. has received approval from the TSX Venture Exchange for the assignment agreement dated March 29, 2016, between the company and Performance Acquisitions LLC, under which Performance has assigned its interest in an option agreement with NJB Mining Inc. under which Performance has the option to acquire up to a 100-per-cent interest in the Tin Cup and FM (Secret Pass) concessions (together, the property) from NJB.

As consideration for the assignment of the option, the company will issue a total of five million common shares of the company to Performance as follows:

  • 1.5 million common shares upon receipt by the company of TSX-V approval of the transaction;
  • One million common shares upon completion of phase 1 exploration requirements;
  • One million common shares upon completion of phase 2 exploration requirements;
  • 1.5 million common shares within 14 days of the earlier of the 18-month anniversary of the date of the agreement, being March 29, 2016, or the approval from the Arizona Bureau of Land Management of the production plan to commence mining and production.

Phil Thomas, Arrowstar's president and chief geologist, stated: "We are very pleased to have completed the acquisition of the Secret Pass concessions. The project is well advanced to potentially be fast-tracked to production when quality control of data, trenching and project economics is completed."

The company has also closed its non-brokered private placement announced on April 19, 2016. The company issued 6.9 million units at a price of five cents per unit for gross proceeds of $345,000. Each unit consists of one common share and one share purchase warrant entitling the holder to purchase an additional common share for a period of two years at a price of 8.5 cents per warrant share in the first year of exercise and 12 cents per warrant share in the second year of exercise from the date of closing. The company will pay a finder's fee in the amount of $6,400.

The securities issued pursuant to the agreement and the offering will be subject to a four-month hold period, expiring on Oct. 21, 2016, in accordance with applicable securities laws.

The proceeds from the offering will be used for a phase 1 Secret Pass exploration program and for general working capital.

We seek Safe Harbor.

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