Arrow Minerals Limited (ASX:AMD) entered into a binding agreement to acquire Boromo Gold Limited from Gengold Resource Capital Pty Ltd, Glenore Investments Pty Ltd, Thomas McKeith and others for AUD 2.9 million on June 26, 2019. Arrow Minerals Limited will acquire 100% of the shares and performance rights in Boromo and will issue 10 Arrow shares for each Boromo share and 10 Arrow Performance Rights for each Boromo Performance Right to be satisfied by the issue of 289.3 million fully paid Arrow shares and 209.9 million performance rights valuing Boromo at AUD 2.9 million (excluding Performance Rights). Arrow will restructure its Board and Management to add significant West African gold exploration experience, including the appointment of Howard Golden as Chief Executive Officer and Tommy McKeith and Morgan Ball as Non-Executive Directors. Arrow’s Managing Director, Steven Michael, will continue as an Executive Director of the Company and Chairman of the Board, Frazer Tabeart, will remain in this position. Current Non-Executive Director, Nicholas Ong, will retire from the Board. Following completion under the Share Purchase Agreement, the board of Arrow is to comprise of four directors, of which two are to be appointed by Boromo and two (including the chair position) are to be appointed by Arrow. The deal is subject to each shareholder of Boromo other than the Majority Vendors, entering into an agreement with Arrow in relation to the sale of their respective shares in Boromo and Arrow forming the view that such agreements will complete contemporaneously with completion under the Share Purchase Agreement; each of Boromo and Arrow obtaining all necessary shareholder and regulatory approvals under the Corporations Act and the Listing Rules in order to complete the matters contemplated in the Share Purchase Agreement; and other standard conditions for transactions of this nature, including no material adverse change, no breach of agreement and confirmation from Boromo that Chapter 6 of the Corporations Act does not apply to it. As on August 6, 2019, the acquisition of Boromo Gold Limited is progressing with valid acceptance received from 97% of Boromo shareholders and Arrow Minerals Limited (ASX:AMD) expects to reach 100% acceptance prior to shareholders meeting on August 15, 2019. The acquisition is subject to Arrow shareholder approval at a shareholder meeting expected to be held in early-August 2019. As of August 22, 2019, Arrow has received valid acceptances from 100% of Boromo Gold Limited (Boromo) shareholders and all conditions to completion of the transaction have been satisfied. All conditions precedent must be satisfied by August 31, 2019 or such later date as may be agreed by Arrow and Boromo. The deal is expected to close on August 9, 2019. It is anticipated that the acquisition of Boromo will be completed by August 26, 2019. Hartleys Limited acted as financial advisor for Arrow Minerals Limited. Allion Partners acted as legal advisor to Arrow Minerals. Arrow Minerals Limited (ASX:AMD) completed the acquisition of Boromo Gold Limited from Gengold Resource Capital Pty Ltd, Glenore Investments Pty Ltd, Thomas McKeith and others on August 26, 2019. Catherine Grant-Edwards has been appointed Joint-Company Secretary in Arrow. The deal is approved by shareholders of Arrow Minerals on August 15, 2019. 72.7 million ordinary shares will be released from escrow on August 26, 2020 which were subject to 12 months escrow.