Canadian Arrow Mines Limited (CRO.V: Quote) reported it has received a lump sum payment of C$1.475 million from Gold Royalties Corporation in exchange for the Company's remaining one percent net smelter royalty or NSR on the Hart Nickel Project.
Raymond James Ltd. advised on the sale, who subject to approval by the TSX-V, will receive a 6.1% transaction fee payable in shares using the Company's 20-day volume weighted average price. Furthermore the Company has agreed to offer Raymond James Ltd. the right of first refusal to be the Company's exclusive financial advisor for 24 months.
The company said that it plans to resume production in 2012 on its past producing Alexo mine located in the Abitibi nickel district east of Timmins Ontario containing NI 43-101 indicated resources of 9.9M lbs of nickel within 473,000 tonnes averaging 0.96% nickel.
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by RTT Staff Writer
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