Completes Acquisition of 100% Interest in Simandou North Iron
Perth, Mar 27, 2024 AEST (ABN Newswire) - Arrow Minerals Limited (
ASX:AMD) is pleased to advise that it has now completed the acquisition of the remaining 66.7% interest in Amalgamated Minerals Pte Ltd, which holds the Simandou North Iron Project, taking legal and beneficial interest to 100% (refer ASX Announcement 13 March 2024 for further details).
The $A2,000,000 payment to the vendors at completion of the transaction forms part of the intended use of proceeds referred to in the Company's recently announced AUD$10,000,000 capital raising.
The vendors are due a further payment of $A0.5M in cash or shares on or before 30 June 2025 and they will retain a $USD 1/tonne royalty on tonnes mined and sold from the tenement. Arrow retains a first right to purchase the royalty.
Arrow Managing Director David Flanagan said: "Completing this purchase of 100% of Amalgamated gives us the option to engage partners at a project level. It's a big step in maximising our future potential funding options. Two additional drill rigs are due to arrive on site from early April. This takes the total drill rigs in the field to four and we are currently looking to secure a fifth drill rig in coming weeks.
The tenements immediately south of Simandou North Iron Project are host to the largest high grade iron ore project in the world."
About Arrow Minerals Ltd
Arrow Minerals Ltd (ASX:AMD) is an exploration and development company focused on delivering long-term shareholder value through the discovery of economic mineral deposits in West Africa. The Company has implemented a systematic science-based exploration philosophy whilst remaining commercially nimble to ensure we capture and retain value.
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