VANCOUVER, April 17, 2012 /PRNewswire/ - Robert L. Card, President of Arrowstar Resources
Ltd., ("Arrowstar" or the "Company") (TSXV: AWS), is pleased to
announce that the private placement announced on March 15, 2012 has been approved by
the TSX Venture Exchange ("TSXV") and will now close.
A total of 6,000,000 units at a price of
CDN$0.075 per unit were sold
resulting in gross proceeds to the Company of CDN$450,000. Each unit consists of one common
share and one share purchase warrant entitling the holder to
purchase an additional common share at a price of CDN$0.15 for a period of two years from closing
of the private placement.
Finder's fees will be paid in connection with a
portion of the financing.
All securities will be subject to a four-month
hold period expiring in four months and one day.
With the completion of the private placement,
the Company will begin mobilizing the exploration programs on the
Company's newly acquired iron ore projects located in Alaska, Ungava region of Quebec and in Labrador.
On behalf of the Board of Directors
Arrowstar Resources Ltd.
"Robert L. Card"
Robert L. Card
President
Forward-Looking Statements: This document
includes forward-looking statements. Forward-looking statements
include, but are not limited to, statements concerning AWS's
planned exploration programs and other statements that are not
historical facts. When used in this document, the words such as
"could," "plan," "estimate," "expect," "intend," "may,"
"potential," "should," and similar expressions are forward-looking
statements. Although AWS believes that its expectations reflected
in these forward looking statements are reasonable, such statements
involve risks and uncertainties and no assurance can be given that
actual results will be consistent with these forward-looking
statements. Important factors that could cause actual results to
differ from these forward-looking statements are disclosed under
the heading "Risk Factors" and elsewhere in the corporation's
periodic filings with Canadian securities regulators.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE Arrowstar Resources Ltd.