Arrow Minerals directors support company through placement participation
The purchases were approved by shareholders
Arrow Minerals Ltd (ASX:AMD) directors have shown their confidence in the company’s exploration strategy through participation in a recent $335,000 placement.
The participation of chief executive officer Howard Golden and non-executive director Tommy McKeith was approved by shareholders at a recent general meeting.
McKeith acquired 10 million shares for an indirect interest on June 8, 2020, with a total value of $50,000.
That interest now holds 11.5 million shares with more than 137.333 million held in two other indirect interests.
Golden acquired 3 million placement shares for an indirect interest which now holds 10 million shares.
The company received commitments from sophisticated investors for the placement earlier this year which has resulted in the issue of 67 million shares at 0.5 cents per share.
Maintaining exploration assets
Arrow plans to use the funds to maintain its exploration assets and its licence to operate in Burkina Faso and Australia, which will put the company in a position to advance its exploration strategy.
The company and its partner IGO Ltd (ASX:IGO) recently expanded the size of their Plumridge Nickel Project in the Fraser Range region of Western Australia.
Three exploration licences covering 160 square kilometres will increase the existing project by around 10% to 2,000 square kilometres.
During this year, IGO, as manager, plans to undertake diamond drilling following up last year’s results.
It also plans to conduct infill aircore drilling and moving loop electromagnetic (EM) surveys to test geochemical and airborne EM anomalies.