• Arrow receives $2.25M in binding commitments via a placement
• Funds will be used to advance exploration at the Yarraloola Copper Project
• Acquisition of 80% interest in Yarraloola Project subject to shareholder approval

Arrow Minerals Limited (ASX: AMD) has received binding commitments to raise approximately $2.25 million (before costs) via a placement of new fully paid ordinary shares. The funds raised will largely be applied towards advancing exploration activities at the Yarraloola Copper Project in the Pilbara region of Western Australia. The placement will be conducted in two tranches, with the first tranche of 131 million shares to be issued under the company's existing placement capacity, and the second tranche of 431.5 million shares subject to shareholder approval. All directors of the company will participate in the second tranche of the placement. In addition, the directors have agreed to have their outstanding director fees (approximately $168,000 after tax) satisfied through the issue of shares at the same issue price as the placement, subject to shareholder approval. The company has also entered into a sale and purchase agreement to acquire an 80% interest in the Yarraloola Copper Project, which is also subject to shareholder approval. The Yarraloola Acquisition and the placement together are referred to as the Transaction. The company is currently advancing preparations to commence drilling at Yarraloola.

The company is currently advancing preparations to commence drilling at the Yarraloola Copper Project, subject to completion of the acquisition.