Sternship Advisers is pleased to have advised Arrow Minerals Limited on its recapitalisation and Board restructure (subject to shareholder approval).

Arrow will raise up to $4.0m, comprising a $3.5m two-tranche Placement at 0.1c and an SPP to raise up to an additional $500,000 at the same price. Highly regarded iron ore executive, David Flanagan will be appointed Managing Director and will subscribe for $175,000 of shares in the Placement.

The recap and restructure is aimed at rapidly growing Simandou North Iron Project located immediately along strike from Rio Tinto’s giant, high-grade Simandou project in Guinea, West Africa.

Under the plan, experienced Director, Jeff Dowling and former Chair of Genesis Minerals, Tommy McKeith will participate in the funding package and be invited to join the Board as Non-Executive Chair and Director.

The proceeds of the Placement will be applied towards exploration activities at Simandou North Iron Project, $500,000 in bank guarantees to Con Note holders and maintaining interests in Arrow’s Burkina Faso projects.

The Board restructure brings a wealth of experience, knowledge, and networks to Arrow – Congratulations to David, Jeff, Tommy and the AMD Team.