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Golden Arrow Resouces to raise up to C$750,000 to advance project portfolio

Vancouver-based Golden Arrow’s assets span the mining life cycle, from a number of discovery-stage projects to the silver-producing Chinchillas mine
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) announced Wednesday that it is raising up to C$750,000 to 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.

The non-brokered private placement consists of up to 3.75 million units at $0.20 per unit. 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.

READ: Golden Arrow pleased with progress at new Chinchillas silver mine in Argentina

The proceeds of the financing will be used for general working capital, the company said in a statement.

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%, while SSR has the remainder.

Shares of Golden Arrow were trading at C$0.23 in Toronto and slipped 3.2% on OTC markets to US$0.17.

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