Arrow raises cash for exploration work
PERTH (miningweekly.com) – Junior Arrow Minerals will raise A$3.2-million to fund exploration at its West African and Western Australian operations.
The ASX-listed company has received commitments from sophisticated and professional investors to raise an initial A$2.2-million, through the placement of more than 366.6-million shares, priced at 6c each.
The placement will be undertaken in two tranches, with the first consisting of more than 229.3-million shares, to be placed under Arrow Minerals’ existing placement capacity.
The balance of the shares will be placed in the second tranche, and will be subject to shareholder approval at a general meeting scheduled for the end of July.
Arrow Minerals will raise an additional A$1-million through the issue of unlisted convertible notes, which will have an interest rate of 8% a year and a maturity date of June 2024.
“Arrow welcomes the support demonstrated for the capital raising by existing shareholders and new investors in the company. This is an exciting time for Arrow as we are now planning expanded drilling programmes at the Dassa gold discovery in Burkina Faso, targeting an increase in the size of the existing mineralisation,” said Arrow MD Howard Golden.
“Recently defined copper/gold anomalism at Strickland, in Western Australia, will also see a first round of exploration starting with geophysical surveys and geological mapping.
“This capital raising puts Arrow in a strong position to explore its high quality portfolio of assets well into 2021.”
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