Total
0
Shares
Tesoro Resources (ASX:TSO) continues Ternera gold expansion
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Arrow Minerals (AMD) has received commitments to raise $3 million to accelerate its drilling and exploration programs in West Africa
  • 500 million fully paid ordinary shares were issued to sophisticated and professional investors at 0.6 cents per share
  • Funds raised through the placement will go towards high impact gold exploration in West Africa and gold and base metal exploration in Australia
  • The placement will be issued in two tranches, with 133,238,176 shares issued by May 11, 2021 and 9,501,333 shares issued before July 2021
  • Arrow Minerals shares are trading flat at 0.7 cents

Arrow Minerals (AMD) has received commitments to raise $3 million to accelerate its drilling and exploration programs in West Africa.

Sophisticated and professional investors provided the funds via the issue of 500 million fully paid ordinary shares at 0.6 cents per share. The issue price represents a 24.6 per cent discount to the 20-day VWAP of 0.8 cents per share.

Directors of the company also participated in the placement, subscribing for 9,501,333 shares.

Funds raised through the placement will go towards high impact gold exploration in West Africa and gold and base metal exploration in Australia. This will include drilling at the Divole West, Divole East and Dyapya prospects.

“This capital raising will allow us to accelerate our exploration efforts and rapidly grow known gold mineralisation with the goal of unlocking a new gold district in the Boromo Greenstone Belt in southwest Burkina Faso,” said Arrow’s Managing Director, Howard Golden.

“The accelerated programme in Burkina Faso will continue in parallel with the ongoing copper-gold exploration in Western Australia.”

The placement is proposed to be completed in two tranches. Tranche one of up to 133,238,176 shares will be issued by May 11, 2021, with tranche two seeing up to 166,904,560 shares, including 9,501,333 shares subscribed by directors of the company, issued before July 2021.

Arrow Minerals shares are trading flat at 0.7 cents at 4:30 pm AEST.

AMD by the numbers
More From The Market Herald
EcoGraf (ASX:EGR) - Managing Director, Andrew Spinks - The Market Herald

" EcoGraf (ASX:EGR) begins trading on OTCQX

Graphite company EcoGraf (EGR) has begun trading on the OTCQX market under the code ECGFF.
Australian Pacific Coal (ASX:AQC) plans capital raise

" Australian Pacific Coal (ASX:AQC) receives $33M offer for Trepang

Australian Pacific Coal (AQC) has received an offer for its Trepang property for over $33 million.
Shares in Riversgold (ASX:RGL) slide following underwhelming Q2 update

" Aurumin (ASX:AUN) receives best extension results to date at Golden Slipper

Aurumin (AUN) has received high grade results from reverse circulation drilling at its wholly owned Mt Dimer Project, northeast of Southern Cross in
Manuka Resources (ASX:MKR) - Executive Chairman, Dennis Karp - The Market Herald

" Manuka Resources (ASX:MKR) refinances debt facility, eyes silver production at Wonawinta

Manuka Resources (MKR) has agreed to extend its debt facility with TransAsia Private Capital to September 30 as the company continues to plan