Arrow Minerals Ltd (ASX:AMD) is in a trading halt pending an announcement regarding a potential acquisition and material capital raising.
The trading halt will be in place until the beginning of trade on Wednesday, June 26, or when an announcement is made to market, whichever occurs earliest.
READ: Arrow Minerals partner Independence Group earns 90% of Fraser Range Nickel Project
Earlier this month the company obtained results from the first pass aircore drilling program within the Strickland Gold Project in Western Australia.
A total of 55 holes were drilled to an average depth of 32 metres and intersected anomalous gold including 6 metres at 1.1 g/t gold from 11 metres.
The company’s partner in the Plumridge Nickel Project, Independence Group NL (ASX:IGO), has also completed the expenditure requirement to increase its interest in the project to 90%.
READ: Arrow Minerals drill results confirm gold potential at Helsinki prospect
Under a farm-in agreement Independence has the right to increase its interest in Plumridge from 51% to 90% through the expenditure of $5 million within four years from January 31, 2018.
This requirement has been met in just 17 months.