Arrow Minerals announced a recapitalisation and board restructure to increase the value of its Simandou North Iron Project in Guinea, West Africa.
David Flanagan will be appointed as managing director, subject to shareholder approval.
Arrow plans to raise $4 million via a two-tranche share placement, with Flanagan subscribing for $175,000 of shares.
The company plans to use the funds predominantly for explorations at Simandou North.