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Golden Arrow closes final tranche of C$1.2 million financing

The financing was boosted thanks to increased investor demand

chinchillas
Golden Arrow's main asset is the Chinchillas mine, seen here during the first pre-stripping blast (credit: SSR Mining)

Golden Arrow Resources Corporation (CVE:GRG) (OTCMKTS:GARWF) has closed the final tranche of a C$1.2 million financing boosted by increased investor demand.

The news comes after the company announced this week that it has closed the first tranche of its financing round, raising C$812,500 help advance the company’s exploration portfolio.

Vancouver-based Golden Arrow’s assets span the mining life cycle, from a number of discovery-stage projects in Argentina to the silver producing Chinchillas mine in the South American country.

READ: Golden Arrow closes first tranche of financing and boosts offering to $1 million, thanks to investor demand

The second tranche of the non-brokered private placement consists of an additional 1.95 million units at C$0.20 per unit for additional gross proceeds of C$390,000. Each unit consists of one common share and one warrant exercisable at C$0.30 per share for a three-year period following the date of issue.

Funds raised will be used for general working capital, according to the firm.

Golden Arrow discovered the Chinchilla project seven years ago and delineated it between 2012 and 2015. It is now owned by Puna Operations Inc, which is a joint venture between operator SSR and the firm. Golden Arrow holds 25% stake in Puna Operations. The firm is also exploring a new portfolio of advanced projects in Chile, as well as other targets within its portfolio of more than 200,000 hectares of properties in Argentina.

The junior explorer also paid a finder’s fee of C$8,400 in cash and issued an additional 42,000 non-transferable finder’s warrants entitling the holder to purchase shares at C$0.30 for a three-year period expiring June 20, 2022.

In total, the company will pay a finder’s fee of C$38,500 in cash and 192,500 finder’s warrants.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Golden Arrow Resources Corp

Price: 0.14 CAD

TSX-V:GRG
Market: TSX-V
Market Cap: $16.73 m
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