Arrow Minerals secured AU$2.7 million in funding to progress its Simandou North Iron Project.

Arrow Minerals Limited (ASX: AMD) has successfully raised AU$2.7 million through a placement of 490,000,002 ordinary shares to institutional and sophisticated investors. The shares will be issued at an issue price of AU$0.0055 per share, with a one for two unlisted option, exercisable at a 50% premium to the Issue Price on or before 22 February 2024.

The issue price denotes an 8.3% to the company’s last traded price, a 4.8% discount to the 5-day VWAP, and a 24.1% discount to the 15-day VWAP. This funding will be used to advance the Simandou North Iron Project, maintaining interest in Burkina Faso and for general working capital requirements.

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