Amaroq Minerals Ltd. (AIM, TSX-V, NASDAQ Iceland: AMRQ), an independent mining company with a substantial land package of gold and strategic energy transition mineral assets in Southern Greenland, is pleased to announce the successful completion of its significantly oversubscribed proposed Fundraising as announced on 12 February 2024.
A total of 62,724,758 new common shares (the “Fundraising Shares”) have been conditionally placed with new and existing institutional investors at a price of 74 pence (C$1.25, ISK 127 at the closing exchange rate on 9 February 2024) per new common share (the “Placing Price”), raising net proceeds of approximately £44 million (C$75 million, ISK 7.6 billion). Net proceeds raised in excess of the initially targeted £30 million will be used to further advance exploration at the Company’s Vagar and Nanoq licenses and to fund an additional capital injection into its Gardaq joint venture.
The total Fundraising Shares represent approximately 19 per cent. of the Company’s enlarged share capital after the completion of the Fundraising.
The Placing Price represents a 5.7 per cent. premium to the closing price on 9 February 2024 on AIM, being the last practicable closing price prior to the announcement of the Fundraising.
Stifel Nicolaus Europe Limited (“Stifel”) acted as sole bookrunner and broker on the UK Placing. Stifel is also acting as the Company’s nominated adviser.
Landsbankinn hf. (“Landsbankinn”) and Fossar Investment Bank hf. (“Fossar”) acted as joint bookrunners on the Icelandic Placing and Landsbankinn acted as underwriter.
Capitalised terms not otherwise defined in the text of this announcement have the meanings given in the Company’s Fundraising announcement dated 12 February 2024.
Eldur Olafsson, CEO of Amaroq, commented:
“I would like to thank all participating shareholders for their strong support shown in this financing. We were particularly pleased to note strong demand from the Scandinavian pension funds. The funds raised will enable us to accelerate mining at Nalunaq, whilst continuing to invest in our exploration portfolio in both gold and strategic minerals across South Greenland.
We now have great confidence in delivering on our objectives at the Nalunaq Mine and in enhancing our potential to deliver value for shareholders and local communities within Greenland, and I look forward to providing an update on specific timings for the Nalunaq project later this year.”
Enquiries:
Amaroq Minerals Ltd.
Eldur Olafsson, Executive Director and CEO
eo@amaroqminerals.com
Eddie Wyvill, Corporate Development
+44 (0)7713 126727
ew@amaroqminerals.com
