Arrow Minerals Ltd (ASX:AMD) has entered a share sale agreement to part ways with its free-carried 10% interest in the Malinda Lithium Project's holding company.
Arrow will hand over its remaining interest to private Perth-based outfit Electrostate for $700,000 in cash, bringing a March deal where it handed over its 90% stake full circle.
The West African gold explorer expects the sale to complete within two days of the agreement’s execution, whereupon the existing shareholder agreement between Arrow and Electrostate will end.
Holding company Arrow (Malinda) Pty Ltd owns three granted exploration tenements in Western Australia, dubbed E09/2169, E09/2170 and E09/2283. The Malinda Lithium Project extends over an area with pegmatites and associated minerals in the Gascoyne Province of the Capricorn Orogen.
Next step in long-term value strategy
“This completes the final stage of Arrow’s divestment of non-core Australian assets,” Arrow Minerals managing director Hugh Bresser said.
“We are now entering an exciting time for shareholders with our focus on delivering long-term value in West Africa through the advancement of the Simandou North Iron Project in Guinea and the Vranso Gold Project in Burkina Faso.”
Arrow intends to deliver long-term value to its shareholders by divesting its Australian assets, which will allow the company to focus on discovering and developing mineral deposits in West Africa – specifically at its Vranso gold Project (which hosts gold grades up to 45 g/t) and the Simandou North Iron Project.