Last week, Arrow placed 4,030,000 shares at an issue price of 15 cents per share, together with 806,000 free attaching options exercisable at 20c each on or before 28 June 2004, (to be issued on the basis of one option for every five ordinary shares subscribed for).

In addition, Arrow issued up to 3,600,000 additional options at an issue price of 1c per share, exercisable at 20c each on or before 28 June 2004.

Some of the funds will also be used for general working capital and paying the cost of the issue placement.