Arrow Minerals Ltd (ASX:AMD) has had Thomas McKeith and his affiliated GenGold Resource Capital Pty Ltd become substantial shareholders in the company.
The new major shareholding of 69.15 million shares represents an 8.19% voting power.
GenGold holds the majority of the stock, which was issued as part of the consideration for Arrow's recent acquisition of Boromoo Gold Ltd.
GenGold Resource Capital Pty Ltd is an investment and management group with a track record of creating shareholder value by generating resource discoveries and development successes.
Boromo Gold acquisition recently completed, assays pending
Arrow completed the acquisition of Burkina Faso exploration company Boromo Gold yesterday for $3.5 million worth of shares.
The acquisition means Arrow owns a 100% interest in six high-quality gold exploration projects in Burkina Faso, totalling 2,013 square kilometres, with drill-ready targets at Divole East and Divole West.
In conjunction with the acquisition, Arrow also completed a $2.1 million placement to fund exploration on the projects.
Notably, results from a recently completed RC drilling program at Divole East are expected to be received by mid-September 2019