Arrow Minerals (ASX:AMD) has taken two significant steps forward for the company through a majority acquisition and a corporate restructure.

Arrow has signed an agreement with Singaporean registered company Amalgamated Minerals, to acquire up to 60.5% of the Simandou North Iron project in Guinea.

Its board of directors has also been reorganised, with Alwyn Vorster being welcomed as non-executive Director, Tommy McKeith assuming as non-executive Chairman, and Frazer Tabeart resuming the role of non-executive Director.

Arrow?s share price rose 20% in this morning?s trading.