Arrow Minerals raised $10 million via a share placement to accelerate exploration and secure 100% interest in the Simandou North Iron Project.

The funding will double drilling efforts and expedite the acquisition of the remaining 66.7% interest in Amalgamated Minerals, the project holder.

Funds will be allocated to aggressive exploration, stake procurement, and general working capital.

Arrow plans to issue 2 billion new shares in two tranches, with directors participating for $310,000, subject to shareholder approval.