Arrow to expedite Simandou North work
Australia’s Arrow Minerals has successfully completed a A$10-million placement, paving the way for the company to drill up to 150 holes in the Simandou North iron project, in Guinea.
“After visiting site earlier in the year I could see so many quality drill targets. I wanted to drill them all and grow our interest in the project as quickly as possible. The only constraint was funding,” said Arrow MD David Flanagan.
Arrow has a 33.3% interest in Simandou North and has reached an agreement to accelerate the acquisition of the remaining interest in the tenements, which are along strike from the world’s largest high-grade iron-ore project.
“Given the strong start we have made to drilling at Simandou North and our very positive view of the project’s potential, we have resolved now to be the perfect time to increase our interest to 100% for $2-million cash payment,” said Flanagan.
Over the coming weeks, Arrow will double the rigs in the field to four and accelerate testing targets across the project.
Arrow has received firm commitments to raise A$10-million through the placement of two-billion new shares. Directors Jeff Dowling, Tommy McKeith and Alwyn Vorster will participate in the second tranche of the placement for A$310 000 in aggregate.
The issue price of the placement of A$0.005 a share is a 14.7% discount to the ten-day volume weighted average market price of Arrow ending March 11, and a 28.6% discount to the last traded price of Arrow shares on March 11.
Comments
Research Reports
Projects
Showroom
ISO-certified Condra manufactures overhead cranes, portal cranes, cantilever cranes and crane components: hoists, drives, end-carriages, brakes and...
VISIT SHOWROOM
SBS® Tanks is a leading provider of innovative water security solutions with offices in Southern Africa, East and West Africa, the USA and an...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
