Australia's Arrow Minerals eyes best day in 2 yrs on West Africa iron project stake

Dreadnought Resources

13/07/2022 02:38

** Shares of mineral exploration co Arrow Minerals  AMD.AX 
rise as much as 60% to A$0.004; eyeing its best session since
July 8, 2020
    ** Shares hit their highest level since May 31
    ** Stock notches its second consecutive day of gains
    ** AMD to acquire 60.5% stake in Simandou North iron project
in Guinea, West Africa  urn:newsml:reuters.com:*:nASX57wTgy
    ** Construction of shared purpose rail and port
infrastructure to support development of iron ore projects in
the region has commenced, says co
    ** Co to conduct placement to raise A$350,000 at an issue
price of A$0.006 and anticipates a further A$2.5 mln capital
raise on proceeding with the proposed transaction
    ** Co has also divested Strickland gold project in Western
Australia to Dreadnought Resources  DRE.AX  for A$600,000 in
staged cash payments and 2.35 million shares in Dreadnought
    ** More than 23 million shares change hands, compared with
the 30-day average volume of about 4 million shares 
    ** Stock has fallen about 55% this year, as of last close

 (Reporting by Anan Ashraf in Bengaluru)
 ((Anan.Ashraf@thomsonreuters.com;))