Arrow Minerals Ltd: Successful $5M Capital Raising to Progress Projects

Perth, Australia - Arrow Minerals Ltd. (ASX:AMD) is pleased to announce it has received firm commitments from institutional and sophisticated investors to raise gross proceeds of approximately $5 million (the Placement). The Board of Directors of Arrow have committed to subscribe for $300,000 through the Placement, subject to receipt of shareholder approval at a general meeting targeted for early October 2024.

Highlights

- Successful $5 million placement to institutional and sophisticated investors.

- Funds raised from the Placement will be applied towards progressing drilling activities, economic studies, and metallurgical test work at the Company's Niagara Bauxite Project and Simandou North Iron Project.

- The Board of Directors of Arrow have committed to subscribe for a total of $300,000 through the Placement.

Arrow Managing Director David Flanagan said: "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. 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. We look forward to delivering highly competitive projects and rewarding shareholders for their support."

Placement

The Placement comprises the issue of 2,286,363,637 new fully paid ordinary shares in the Company (New Shares) at an issue price of A$0.0022 per share (Issue Price). The Company will also issue one (1) free attaching unlisted option for every one (1) New Share issued under the Placement (Placement Options). The Placement Options are exercisable at A$0.0032 on or before 28 February 2027. The Placement will be conducted across two tranches:

- Tranche 1 will consist of a total of 2,150,000,001 New Shares issued pursuant to the Company's existing placement capacity (including 1,096,063,492 shares under Listing Rule 7.1 and 1,053,936,509 shares under ASX Listing Rule 7.1A) (Tranche 1 Placement Shares), with allotment of the shares expected to occur on Friday, 30 August 2024; and

- Tranche 2 will consist of 136,363,636 New Shares (Tranche 2 Placement Shares) and 2,286,363,637 Placement Options, subject to shareholder approval at a general meeting expected to be held in early October 2024.

Proceeds of the Placement, together with existing cash, will be applied towards:

- drilling, studies and testwork on the Niagara Bauxite Project;

- drilling, studies and testwork on the Simandou North Iron Project; and

- costs of the Placement and general working capital purposes.

The Issue Price of A$0.0022 per New Share represents a:

- 22.2% discount to the 10-day volume weighted average market price of Arrow shares up to and including Monday, 19 August 2024; and

- 26.7% discount to the last traded price of Arrow shares on Monday, 19 August 2024. New Shares issued under the Placement will rank equally with Arrow's existing shares.

Refer to Appendix 1* for the terms and conditions of the Placement Options.

Euroz Hartleys Limited, Bell Potter Securities Limited and Canaccord Genuity (Australia) Limited acted as Joint Lead Managers and Bookrunners to the Placement. Morgans Financial Limited acted as Co-Manager to the Placement. Salient Corporate acted as corporate adviser to the Company on the Placement.

To view the Indicative Timetable, please visit:
https://abnnewswire.net/lnk/C7W9JPNX

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.

Source:
Arrow Minerals Ltd

Contact:

Arrow Minerals Ltd E: info@arrowminerals.com.au WWW: www.arrowminerals.com.au