Golden Arrow ResourcesCorp. said April 26 that it has increased its previously announced nonbrokered private placement to aboutC$2.3 million.
The company initially intended to raise approximately C$2.1 millionthrough the offering of 7.75 million units at 27 Canadian cents each. Each unitwill consist of one common Golden Arrow share and one warrant, exercisable for onecommon share at 30 cents for a two-year period from the date of issuance.
To increase the proceeds, the company decided to offer a further800,000 units at the same offering price. Each unit will also comprise one commonshare and one warrant, exercisable for one common Golden Arrow share at 33 centsfor a two-year period from the date of issue.
The financing remains subject to approval and the proceeds areearmarked for general working capital.