Arrowstar arranges private placement

Mar 15, 2012, 10:40 ET from Arrowstar Resources Ltd.


VANCOUVER, March 15, 2012 /PRNewswire/ - Robert L. Card, President of Arrowstar Resources Ltd. ("Arrowstar" or the "Company"), is pleased to report that the Company has arranged a non-brokered private placement of $ 450,000 to be raised through the issuance of 6,000,000 non- flow-through units at a price of 7.5 cents per unit. Each unit will comprise one non-flow-through common share and one common share purchase warrant for a term of 24 months. One warrant will entitle the holder to purchase one common share at a price of 15 cents per share for two years.

The proceeds of the financing will be added to working capital and also used to further explore the Company's iron ore prospects located in Alaska, Quebec and Labrador.

The securities issued pursuant to the private placement will be subject to a hold period of four months and one day from the closing. The company may pay finders' fees in connection with the private placement, subject to compliance with the policies of the TSX Venture Exchange. Completion of the private placement and the payment of any finders' fees remain subject to the receipt of all necessary regulatory approvals, including the approval of the exchange.

On Behalf of the Board of Directors,
Arrowstar Resources Ltd.

"Robert L. Card"

Robert L. Card

"Neither 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."

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SOURCE Arrowstar Resources Ltd.