Arrow Minerals has announced a new managing director amid promising results from its drilling campaign at the Simandou North iron ore project in Guinea, West Africa.
Located near Rio Tinto’s Simandou project, high-grade intercepts were achieved in limited shallow, first-pass drilling of a small portion of prospective rocks.
With the quality of the intersections confirmed, David Flanagan is set to take on the managing director role with the aim of unlocking the potentially significant value of the project.
Flanagan will be engaged as a part-time consultant to Arrow until his appointment as managing director is approved by shareholders.
As a founding managing director of Atlas Iron, Flanagan was at the helm when the company built five new iron ore mines in five years.
He is also the former executive chairman of Delta Lithium and former MACA Mining director.
Arrow intends to raise $3.5 million via a two-tranche share placement at $0.01 per share under Flanagan’s leadership, who himself will subscribe for $175,000 of shares in the placement.
The remainder of the placement will be offered to existing and new institutional and sophisticated investors, including current and proposed directors.
Subject to shareholder approval, existing Arrow shareholders will also have the opportunity to participate in a share purchase plan to raise up to an additional $500,000 at the same price as the placement.
Funds raised will be used for exploration activities at the Simandou North iron project, as well as maintaining interests in the company’s Burkina Faso projects in West Africa and general working capital purposes.
Experienced director Jeff Dowling will also join as non-executive chair, with previous roles including director of Atlas Iron, chair of Sirius Resources and current non-executive director at NRW, Fleetwood and S2 Resources.
Current executive chair Tommy McKeith, who was the previous chair of Genesis Minerals and current non-executive director of Evolution Mining, will then become a non-executive director.
