Independence will acquire an 11% stake in Arrow – formerly called Segue Resources – for A$1 million, and a 51% stake in Arrow’s ground for $1.5 million.
Independence can increase its joint venture stake to 90% by spending $5 million over four years, or by paying Arrow the same amount at an earlier date.
Independence has been aggressively adding to its land holdings in the region over the past year or so as it looks for additional opportunities resources for its new Nova Bollinger nickel-copper mine.
The investment in Arrow is being priced at 2.9c per share, which is the same price as a $2.65 million capital raising being undertaken by the junior.
Arrow’s focus is the Barl...