Golden Arrow Resources Corp (OTCMKTS:GARWF) said Tuesday that it has closed the second tranche of a non-brokered private placement.
The Argentina-focused exploration company said in a statement that proceeds will be used for general working capital.
Golden Arrow issued 1,290,367 units at a subscription price of C$0.30 per unit for gross proceeds of C$387,110.
In addition, because of strong demand, the Vancouver company increased the unit offering to as much as C$4.1 million in gross proceeds. All other terms of the financing remain the same.
Finder's fees of C$6,450 are payable in cash on a portion of the private placement. In addition, 17,502 non-transferable finder's warrants are being issued, with each finder's warrant entitling a finder to purchase one common share at a price of C$0.40 per share for two years from the date of issue, expiring July 5.
Shares of Golden Arrow climbed C$0.01 to C$0.32 in Tuesday’s Canadian trading. They fetched US$0.23 on the OTC Markets.
The company owns a 25% share of Puna Operations Inc, a joint venture operated by SSR Mining, with more than eight years of forecast production and upside potential at the Pirquitas-Chinchillas silver mining project Argentina.
Golden Arrow is actively exploring on its more than 200,000 hectares (495,000 acres) in Argentina.
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