Arrow to Receive $0.5M in Cash and Shares for Tenements
Perth, Nov 6, 2023 AEST (ABN Newswire) - Arrow Minerals Limited (
ASX:AMD) advises that Raiden Resources Limited (ASX:RDN) has elected to exercise the Upfront Option to acquire 100% of the lithium-caesium-tantalum (Li-Cs-Ta) mineral rights in tenements E47/3476 & E47/3478 located in the Pilbara, Western Australia (Mineral Rights). Pursuant to the terms of the Agreement, Arrow will receive $250,000 in cash and $250,000 in RDN shares.
Arrow will retain a 1% Net Smelter Royalty (NSR) over the Mineral Rights, with Raiden retaining the first right of refusal if Arrow wishes to sell the NSR.
ABOUT ARROW MINERALS
Arrow Minerals has a strategy of delivering long-term value to shareholders through the discovery and development of economic mineral deposits in West Africa. Arrow has beneficial rights to 33.3% of the Simandou North Iron Project, Guinea and can increase this to 100% through meeting project and expenditure milestones. Arrow aims to systematically advance the Simandou North Iron Project over the coming months to identify areas of high-grade iron within the project area and realise the potential value released through the major infrastructural upgrades, rail and port, underway in the region.
About Raiden Resources Limited
Raiden Resources Limited (ASX:RDN) (DAX:YM4) is a dual listed exploration and development company which is advancing the Mt Sholl Nickel-Copper-Cobalt-Palladium deposit in the Pilbara. The Company's portfolio host metals and commodities considered critical for the energy and electrification revolution.
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