Sign up Australia
Proactive Investors - Run By Investors For Investors

Arrow Minerals gets cash injection after receiving shareholder support

$2.4 million worth of shares have now been placed following shareholder approval.
sign saying funding
A 26,000-metre drilling program is underway in the Eastern Goldfields of Western Australia

Arrow Minerals Ltd (ASX:AMD) has received $2.36 million in funding as part of a previously outlined two-tranche placement and separate placement which together secured over $5 million.

The second tranche and separate $1 million placement to nickel producer Independence Group (ASX:IGO) required shareholder approval which was received essentially securing the funding for Arrow.

Notably, ASX-listed nickel producer Independence Group is now Arrow’s largest shareholder with around 11%.

READ: Arrow Minerals signs strategic deal with Independence Group, bags $5.2 million

Arrow’s managing director Steven Michael said: “The board of Arrow Minerals welcomes Independence Group as its major shareholder.

“The investment by IGO, along with the broker equity raising, has raised over $5 million, which has allowed Arrow to commit to significant drilling programs at both the Strickland Gold and Malinda Lithium Projects.

“In addition, the recently announced Pilbara Gold Project sale and joint venture will add up to $1 million over the next 12 months.

“Arrow is in its strongest ever financial position, with around 2cents per share of cash and investments.

“The company has commenced drilling multiple gold targets at the Strickland Gold Project and will be drilling at the Malinda Lithium Project in July 2018.”

Aircore drilling underway at Strickland Gold Project

Arrow is currently undertaking a major aircore drilling program at the Strickland Gold Project in Western Australia covering the T8, T6, T2 and T1 prospects.

Drilling at the T8 prospect has been completed on a 400x80 metre basis over the entire 2.4-kilometre gold-in-soil anomaly.

All of the drill samples have been delivered to the assay laboratory in Perth and results from T8 are expected to be received within four weeks.

READ: Arrow Minerals commences major Eastern Goldfields drilling program

The major aircore program is estimated to comprise 26,000 metres of drilling.

View full AMD profile View Profile

Arrow Minerals Ltd Timeline

Related Articles

October 17 2018
Exploration efforts in Ireland are now intensifying
July 19 2018
A new joint venture is also being set up on a 70/30 MOD/Metal Tiger basis to continue exploration
September 27 2018
Rainbow's Gakara project is one of the highest grade rare earths operations in the world

No investment advice

The information on this Site is of a general nature only. It does not take your specific needs or circumstances into consideration, so you should look at your own financial position, objectives and requirements and seek financial advice before making any financial decisions. You acknowledge and understand that neither the Company, its related bodies corporate, the information providers or their affiliates will advise you personally about the nature, potential value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter. You should read our FSG and any other relevant disclosure documents and if necessary seek persona advice prior to making any investment decision.

You understand and agree that no Content (as defined below) published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person.

You understand that in certain circumstances the Company, its related bodies corporate, the information providers or their affiliates may have received, or be entitled to receive, financial or other consideration in connection with promoting, and providing information about, certain entities on the Site and in communications otherwise provided to you.

You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate. From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Before you act on any general advice we provide, please consider whether it is appropriate for your personal circumstances.

© Proactive Investors 2018

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use