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Arrow Minerals completes second tranche of $2.1 million placement

Funds will be spent on exploration programs at the newly acquired Burkino Faso gold projects as well as the Strickland Gold Project in Western Australia.

Arrow Minerals Ltd - Arrow Minerals completes $1.6 million trance-2 placement
The company is targeting gold, lithium and nickel

Arrow Minerals Ltd (ASX:AMD) has completed the second tranche equity raising of about $1.6 million of its $2.1 million placement.

A total of 159.8 million shares were issued in the second tranche at 1 cent per share together with a 1-for-2 attaching option exercisable at 2 cents.

The funds will be used for exploration programs at the newly acquired Burkina Faso gold projects and the Strickland Gold Project in WA.

All-scrip acquisition of Boromo

The company has obtained acceptances from 100% of Boromo Gold Ltd shareholders and all conditions to completion of the transaction have been satisfied.

It is anticipated that the all-scrip acquisition of Bormo will be completed by Monday August 26.

Boromo owns six exploration projects in Burkina Faso, West Africa with drill targets already identified at multiple projects with the potential for substantial gold discoveries.

A reverse circulation drilling program has also been completed at Bormo’s Divole East Project with 24 holes drilled for 2,385 metres (averaged depth 99 metres.).

Quick facts: Arrow Minerals Ltd

Price: 0.007 AUD

Market: ASX
Market Cap: $6.35 m

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Arrow Minerals tracking well with RC drilling program at Divole West Gold...

Arrow Minerals Limited (ASX:AMD) chief executive officer Howard Golden updates Proactive on progress underway at the Divole West Gold Project in Burkina Faso, West Africa. 3,000 m (up to 33 RC holes) of drilling will test beneath auger geochemical anomalies. The CEO also updated the market...

on 14/11/19

2 min read