Canadian Arrow Mines Limited (TSXV:CRO) announced an option agreement with San Gold Corporation (TSXV:SGR) to acquire an 80% undivided interest in all precious metals excluding platinum and palladium.
As quoted in the press release:
To maintain the Agreement in good standing and earn an 80% interest in the Precious Metals contained on the properties, San Gold has agreed to, among other things, purchase 5,000,000 units of the Company at a price of $0.10per unit. Each unit will be comprised of one common share in the capital of the Company and a ½ of one share purchase warrant.
Canadian Arrow’s President, Kim Tyler said:
We are very pleased that San Gold has agreed to invest exploration expenditures in our mineral properties and in our Company directly through the equity placement. This represents an aggregate$2,000,000 investment in the Company. Many unexplored exploration targets and geophysical anomalies on our properties are prospective for both base metal and precious metal potential.
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