Canadian Arrow Mines Ltd. (CRO: TSX-V) is pleased to announce that the Company has closed a $1,500,000 debt financing advanced by an arm's length third party lender.
The loan is secured by a charge against all of the Company's assets, bears interest at a variable rate per annum equal to prime plus 2% calculated daily and compounded monthly and matures on the earlier of (i) the date on which an event of default occurs under the loan or the security, (ii) the date on which Canadian Arrow completes any equity or debt financing after the date hereof, and (iii) December 31, 2008.
The Company plans to use the net proceeds of this financing for general working capital purposes and completion of a feasibility study on the Company's Kenbridge property. Versant Partners arranged the debt financing on behalf of the Company. -- www.cnxmarketlink.com
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