Business
Golden Arrow Secures Additional $2.9 Million for Drilling on Chinchillas Silver Project; Year to Date Total: $6.3 Million in Drilling and Cash at $1.88 per share (avg)
(via Thenewswire.ca) Vancouver, BC / TNW-ACCESSWIRE / November...
About this update from Golden Arrow Resources Corp.
[{"type":"text","content":"Golden Arrow Secures Additional $2.9 Million for Drilling on Chinchillas Silver Project; Year to Date Total: $6.3 Million in Drilling and Cash at $1.88 per share (avg)(via Thenewswire.ca)\n \n \nVancouver, BC / TNW-ACCESSWIRE / November 18, 2014 / Golden Arrow Resources Corporation (TSX-V: GRG, FRA: GAC (WKN: A0B6XQ), \"Golden Arrow\" or the \"Company\") is pleased to announce that Memorandums of Understanding (the \"MOUs\") have been negotiated that will allow the Company to continue the drill program on Chinchillas by an additional cumulative total of 16,000 meters.\n\n \n \n\"This arrangement represents a tremendous value to Golden Arrow. This year we have been successful in securing a grand total of $6.3 Million in cash and drilling services at an average price of $1.88 per share,\" stated Joseph Grosso, President and CEO. \"It allows us to advance Chinchillas to the feasibility stage and to preserve the exceptional leverage of Golden Arrow's 41 million currently issued shares.\" \n\n \n \nThe MOUs outline the proposed issuance of 1,216,683 common shares of the Company for an additional 6,400 meters of drilling and drill related support services, valued at $1,679,546. Additionally, up to $1,220,455 in cash may be advanced to the Company for the proposed issuance of 884,112 common shares.\n\n \n \nThis proposed issuance of common shares in payment for the drilling services and cash is subject to preparation of definitive agreements and the prior approval of the TSX Venture Exchange. All common shares issued in connection with this payment will be subject to a four month hold period.\n\n \n \nAbout Golden Arrow:\n\n\n \nGolden Arrow is a Vancouver-based explorer focused on identifying, acquiring and advancing precious and base metal projects in Argentina with the goal of achieving a world class discovery. The main focus is on advancing the flagship Chinchillas Silver Project located in Jujuy, Argentina. Golden Arrow will continue to execute its strategy to leverage the Company's exploration exposure by attracting partners to fund work on its other high quality mineral projects. Golden Arrow is a member of Grosso Group, a management company specialized in resource exploration, and working in Argentina where it is highly regarded and trusted since 1993.\n\n \n \nON BEHALF OF THE BOARD\n\n \n \n\"Joseph Grosso\" \n\n\n \n________...