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- Arrow Minerals (AMD) has ended the week in a trading halt in regards to an upcoming capital raising
- The company will remain in the halt until the earlier of April 4 or when more details regarding the raise are released
- On March 30, Arrow revealed it would begin reverse circulation (RC) drilling at its Strickland Project in April
- Once RC drilling is completed, borehole electromagnetic surveys will be carried out to locate conductive sulphide mineralisation
- Shares in Arrow last traded at 0.7 cents on April 29
Arrow Minerals (AMD) has ended the week in a trading halt in regards to an upcoming capital raising.
The company will remain in the halt until the earlier of April 4 or when more details regarding the raise are released.
On March 30, Arrow revealed it would begin reverse circulation (RC) drilling at its Strickland Project in April.
The WA project has been historically explored for gold and re-analysis of historical data identified signatures typical of volcanic massive sulphide copper-gold mineralisation.
Once RC drilling is completed, borehole electromagnetic surveys will be carried out to locate conductive sulphide mineralisation.
Taking a look at its financials, Arrow burnt $313,000 in the March quarter with the majority going towards administration and corporate costs.
The company also invested $736,000 in exploration and evaluation.
As of March 31, Arrow had $1.23 million in total available funding, representing only 1.2 quarters of use if spending levels remain the same.
This is unlikely to impact the company though as it stated it would be boosting its cash position through a capital raise.
Shares in Arrow last traded at 0.7 cents on April 29. The company has a $9.32 million market cap.
