- Dreadnought Resources (DRE) completes its purchase of the Strickland copper-gold project in WA from fellow ASX-listed Arrow Minerals (AMD)
- The company paid Arrow $280,000 in cash and 2.35 million shares to settle the sale
- In addition, Arrow is set to receive a further payment of $300,000 from Dreadnought by November
- Arrow Minerals says the sale will allow it to focus on its West African projects
- AMD shares are trading grey at 0.4 cents while DRE shares are down 0.74 per cent to 6.75 cents at 11:46 am AEST
Dreadnought Resources (DRE) has completed its purchase of the Strickland copper-gold project in WA from Arrow Minerals (AMD).
The company paid Arrow $280,000 in cash and 2.35 million shares to settle the sale.
In addition, Arrow is set to receive a further payment of $300,000 from Dreadnought by November
The purchase deal was first flagged by the companies last month.
Arrow Minerals Managing Director Hugh Bresser said the sale would allow the company to focus on its strategic goals 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,” Mr Bresser said.
“The divestment of our Australian assets permits us to concentrate our capital and resources within a single region.”
AMD shares were trading grey at 0.4 cents while DRE shares were down 0.74 per cent to 6.75 cents at 11:46 am AEST.