Carrie Arran Resources Inc.

March 22, 2011 14:35 ET

Carrie Arran Resources Inc. Announces Entering Into Agency Agreement and Filing of Final Prospectus

TORONTO, ONTARIO--(Marketwire - March 22, 2011) -

NOT TO BE DISTRIBUTED TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATED IN THE UNITED STATES

Carrie Arran Resources Inc. ("Carrie" or the "Company") is pleased to announce that it has entered into an agency agreement and has obtained a receipt for a final prospectus filed with the securities regulatory authorities in the provinces of British Columbia, Alberta and Ontario, in connection with the initial public offering of 3,125,000 units (each, a "Unit") of the Company at a price of $0.20 per Unit for aggregate gross proceeds of $625,000. Each Unit will be comprised of one common share of the Company (a "Common Share") and one-half of a series B warrant (a "Series B Warrant"). Each whole Series B Warrant will entitle the holder to purchase one Common Share at a price of $0.25 at any time on or before December 31, 2011. The initial closing is scheduled for early April. Haywood Securities Inc. has been engaged to act as agent in connection with the offering.

After deducting the expenses of the Offering, the Company intends to use the net proceeds raised from the sale of the Units for the development and exploration of the Company's Black Creek Project and for general corporate purposes.

A copy of the Company's final prospectus, which contains important information relating to the Offering and the Black Creek Project is available on the SEDAR website at www.sedar.com.

About Carrie Arran Resources Inc.

Carrie Arran Resources Inc.'s principal business is the acquisition, exploration and development of mineral properties. Since incorporation, the Company's business has focused entirely on the acquisition of the Black Creek Project, located approximately 30 km north of Kirkland Lake, Ontario, Canada. The Black Creek Project consists of 18 mineral claims covering approximately 810 hectares. For more information on the Black Creek Project, please refer to the Company's NI 43-101 compliant technical reports, "Technical Report on the Black Creek Property for Carrie Arran Resources – Black Township – Larder Lake Mining Division - Ontario" dated as of February 8, 2011 and available on SEDAR at: www.sedar.com.

CARRIE ARRAN RESOURCES INC.

Thomas Pladsen, President & CEO

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction in which such offer, solicitation of sale would be unlawful. These securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws and may not be offered or sold in the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws or pursuant to an exemption therefrom. Any public offering of the securities in the United States may only be made by means of a prospectus containing detailed information about the Company and its management as well as financial statements.

Forward-Looking Statement Cautions:

This press release contains certain "forward-looking statements within the meaning of Canadian securities legislation. Generally, these forward-looking statements are statements can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, stated intentions, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to assumptions discussed in the final prospectus of the Company dated March 10, 2010, relating to the Offering. The Company does not undertake to update any forward-looking statements that are contained in this press release, except in accordance with applicable securities laws.

Contact Information

  • Carrie Arran Resources Inc.
    Thomas Pladsen
    President & CEO
    (416) 628-5921