Golden Arrow Resources Corporation (TSXV: GRG | FSE: G6A | OTCQB: GARWF) has announced that New Golden Explorations Chile SpA (NGE), a wholly-owned subsidiary of the company, has entered into an option agreement with Sociedad de Servicios Andinos SpA (SSA).
Under the option agreement, NGE has granted SSA the option to subscribe for 333 shares in the capital of NGE, equivalent to approximately 25% of the issued and outstanding shares upon exercise of the option, subject to the terms and conditions of the option agreement.
Joseph Grosso, chairman, CEO, and president of Golden Arrow commented, “We are very pleased with this arrangement with SSA as this deal represents the equivalent of approximately C$7M of non-dilutive financing for Golden Arrow, in a difficult market. The investment will allow us to complete an aggressive exploration and drilling program me to continue evaluating San Pietro’s many targets, and in support of our first NI 43-101 mineral resource estimate for the project which we are aiming to complete by the end of year.”
To exercise the option, SSA must contribute US$5,000,000 (in the equivalent amount of Chilean pesos), as follows:
- US$2M in cash, through six bimonthly installments of US$333,333 commencing on 1 February 2024
- Performing drilling services, heavy machinery services, truck rental, as well as any other goods or necessary services for the development of field activities at the San Pietro Project with an aggregate value of US$3M by July 2025
To find out more, please visit www.goldenarrowresources.com
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