Arrowhead Commences Trading on the Canadian Securities Exchange, Undertakes Shares for Debt Settlement and Announces Unit Private Placement
October 29, 2014 at 20:09 PM EDT
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 29, 2014) - Arrowhead Gold Corp. (the "Company") (CSE:AWH) announces that further to the Company's news release dated October 24, 2014, the Company delisted its common shares from the TSX Venture Exchange (the "TSXV") at the close of business day on October 29, 2014 and will commence trading its common shares on the Canadian Securities Exchange (the "CSE") on October 30, 2014. The Company's name and trading symbol will remain the same.
In conjunction with the CSE listing, the Company is undertaking a shares-for-debt settlement in the aggregate amount of $518,500 as owed to five creditors, by the issuance of an aggregate of 4,200,000 common shares of the Company. The common shares issued pursuant to this debt settlement will be subject to a hold period expiring March 1, 2015.
The Company also announces a non-brokered private placement of up to 2,500,000 units for gross proceeds of up to $200,000. Each unit, at a price of $0.08 per unit, will consist of one common share and one non-transferrable share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of $0.20 per share for a period of 24 months.
The proceeds from the private placement will be used for acquisitions, investments and general working capital to advance the company's initiatives in the agriculture, pharmaceutical, medical technology, and resources industries. At this time no new project has been identified, and there is no surety that one will be completed.
The private placement and any finder's fees payable are subject to regulatory approval. Any securities issued pursuant to the offering shall be subject to a four-month-and-a-day hold period commencing on the closing date.
CEO Steve Smith states "New and emerging markets in the agricultural, pharmaceutical and medical technology industry are poised for future growth; as these industries mature, so will the variety and depth of businesses within it."
On Behalf of the Board of Arrowhead Gold Corp.,
Steve Smith, President
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. There is no assurance the private placement referred to above will close on the terms as stated, or at all. The Company disclaims any intention or obligation to revise or update such statements.
Arrowhead Gold Corp.
604 642-0116 (FAX)