Vancouver, B.C. – October 24, 2016 – Phillip Thomas, President of Arrowstar Resources Ltd (“Arrowstar” or the “Company”) (TSX.V: AWS) announces that the Company will undertake a private placement of up to 11,000,000 Units (the “Units”) at a price of CDN$0.075 per Unit for gross proceeds of up to CDN$ 825,000.  Each Unit will consist of one common share and one transferrable share purchase warrant (a “Warrant”), with each Warrant entitling the holder to purchase an additional common share (a “Warrant Share”) for a period of two (2) years at a price of CDN$0.12 per Warrant Share in the first year of exercise and CDN$0.15 per Warrant Share in the second year of exercise. The proceeds of the private placement will be used for an extensive drill program on the Tin Cup (“Secret Pass”) concessions and general working capital.

Phil Thomas, Arrowstar’s President and Chief Geologist states, “We are very pleased to be drilling the Secret Pass concessions. We anticipate two phases of drilling programs that we expect will allow the Company to define a current resource on the property, allow us to complete a feasibility study and mining implementation plans. The project is well advanced to potentially be fast tracked to production when drilling, resource estimation and project economics is completed.”

The securities issued pursuant to the private placement will be subject to a hold period of four months and one day from the date of issuance of the securities. The Company may pay finders’ fees in connection with the private placement, subject to compliance with the policies of the TSX Venture Exchange (“TSX.V”). 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 TSX.V.

The Private Placement will be available to existing shareholders of the Company, who, as of the close of business on October 21, 2016, held securities of the Company (and who continue to hold such securities as of the closing date), pursuant to the prospectus exemption set out in British Columbia Instruction 45-534 Exemption from Prospectus Requirement for Certain Trades to Existing Security Holders and in similar instruments in other jurisdictions in Canada (the “Existing Shareholder Exemption”). The Existing Shareholder Exemption limits a shareholder to a maximum investment of $15,000 in a 12-month period unless the shareholder has obtained advice regarding the suitability of the investment and, if the shareholder is resident in a jurisdiction of Canada, that advice has been obtained from a person that is registered as an investment dealer in the jurisdiction. If the Company receives subscriptions from investors relying on the Existing Shareholder Exemption exceeding the maximum number of securities proposed to be issued under the Private Placement, the Company may adjust the subscriptions received on a pro-rata basis. There is no minimum offering size for the Private Placement.

The Company also reminds investors interested in participating under the Existing Shareholder Exemption that in order to participate under that exemption, expressions of interest must be received by the Company by the close of business on November 30, 2016. If you are an existing shareholder of the Company who held common shares as of October 21, 2016 and who is interested in participating in the Private Placement, you should contact the Company by email at the contact information below.

On Behalf of the Board of Directors,

Arrowstar Resources Ltd.

“Phillip Thomas”


Investor Contact: 604-687-7828

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.


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 in North America 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.