Golden Arrow Plans Shares-for-Services Agreement for Chinchillas Drilling

Golden Arrow Resources Corp. (TSXV:GRG) announced a proposed issuance of common shares to a leading drilling company for drilling services “pursuant to the terms of a shares for services agreement.”

As quoted in the press release:

Up to 15,000 meters (or up to US$3,000,000) of the previously announced 25,000 meter (82,000 feet) drilling program currently underway on the Chinchillas Silver Project, shall be paid for by issuing up to a total of 1,260,504 common shares of the Company, at a deemed price of US$2.38 per share. The issued shares will be escrowed pursuant to the terms of a voluntary escrow agreement, and will be released upon the earlier of the date of completion of the drilling services or the expiry of three years following the date of the Agreement.

Joseph Grosso, president and CEO of Golden Arrow, commented:

It is a seal of approval to have a leading drilling company acknowledge the value of Golden Arrow and, specifically, Chinchillas. Our industry peer recognizes not only the value of current resource and PEA of Chinchillas, but also the great potential for growth that the property and region offer through additional drilling.

Click here to read the full Golden Arrow Resources Corp. (TSXV:GRG) press release.