Arrow raises cash for Simandou North, Niagra projects
Africa-focused Arrow Minerals has announced the successful raising of A$5-million to progress its bauxite and hematite fines projects, in Guinea.
The funds raised through the placement of 2.27-million shares at A$0.0022 each would be applied to progress drilling activities, economic studies and metallurgical test work at the Niagra bauxite project and Simandou North iron project.
“We are progressing two substantial projects adjacent to multi-user infrastructure. Bauxite and iron ore are the building blocks of civilisation and future facing technology,” commented MD David Flanagan.
“This capital raising will deliver resource estimates and progress scoping studies and move them down the path to production as quickly as possible. We will accelerate our drilling, push ahead with commercial studies, complete the required test work and make progress in environmental permitting,” he added.
The board of directors committed to subscribe for A$300 000 through the placement, subject to shareholder approval at a general meeting scheduled for early October.
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