Arrow Minerals Ltd (ASX:AMD) has completed the sale of its non-core Strickland Copper-Gold Project in Western Australia to Dreadnought Resources Ltd (ASX:DRE).
This will enable the company to fully focus on its West African growth strategy via the Simandou North Iron Project in Guinea and the Vranso Gold Project in Burkina Faso.
In line with the term of a Sale and Purchase Agreement, Arrow has received the completion payment of $280,000 in cash and 2.35 million fully paid ordinary shares in Dreadnought at settlement (escrowed until 5pm WST on January 31, 2023).
The company is entitled to receive the further cash payment of $300,000 on or before November 30, 2022.
“Clear strategic direction”
ARO managing director Hugh Bresser said: “Arrow has a very clear strategic direction in West Africa. The company has exposure to both Gold and Iron, through the Vranso Project in Burkina Faso and the Simandou North Iron Project in Guinea.
"The divestment of our Australian assets permits us to concentrate our capital and resources within a single region.”