SUDBURY, ON, May 26 /CNW/ - Canadian Arrow Mines Ltd. (CRO: TSX-V) (the
"Company") is pleased to announce that the Company has closed a $1,500,000
debt financing advanced by an arm's length third party lender.
The loan is secured by a charge against all of the Company's assets,
bears interest at a variable rate per annum equal to prime plus 2% calculated
daily and compounded monthly and matures on the earlier of (i) the date on
which an event of default occurs under the loan or the security, (ii) the date
on which Canadian Arrow completes any equity or debt financing after the date
hereof, and (iii) December 31, 2008.
The Company plans to use the net proceeds of this financing for general
working capital purposes and completion of a feasibility study on the
Company's Kenbridge property. Versant Partners arranged the debt financing on
behalf of the Company.
About Canadian Arrow Mines Ltd.
Canadian Arrow Mines, Ltd. is an established Canadian exploration and
development company committed to developing and advancing base metal deposits
close to existing infrastructure through exploration, development and
acquisition. Shares of Canadian Arrow Mines trade on the TSX Venture Exchange
under the symbol "CRO".
Investors are invited to visit Canadian Arrow's IR hub at
http://www.agoracom/IR/CanadianArrow where they can post questions and receive
answers within the same day, or simply review questions and answers posted by
other investors. Alternately, investors are able to e-mail all questions and
correspondence to CRO@agoracom.com where they can also request addition to
the investor e-mail list to receive future press releases and updates in real
time.
If you would like to receive press releases via email please contact:
THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL
RESPONSIBILITY FOR ITS CONTENTS.
THE TSX VENTURE EXCHANGE NEITHER APPROVES NOR DISAPPROVES OF THIS PRESS
RELEASE NOR DOES IT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
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%SEDAR: 00008534E
For further information: visit the website at www.canadianarrowmines.ca , or
call toll free, 1-877-262-6354, or contact: Canadian Arrow Mines, Ltd., R. Kim
Tyler, P. Geo, President, Tel: (705) 673-8259, E-mail:
kim@canadianarrowmines.ca; CHF Investor Relations, Barry Leung, Tel: (416)
868-1079 ext. 222, E-mail: barry@chfir.com or Alison Tullis, Tel: (416)
868-1079 ext. 233, E-mail: alison@chfir.com
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