Amaroq Minerals Ltd. (AIM, TSX-V, NASDAQ Iceland: AMRQ), an independent mining company with a substantial land package of gold and strategic mineral assets in Southern Greenland, is pleased to announce the successful completion of its significantly oversubscribed Fundraising as announced on 3 December 2024.
A total of 32,034,664 new common shares (the “Fundraising Shares”) have been conditionally placed with new and existing institutional investors at a price of 86 pence (C$1.53, ISK 151 at the closing exchange rate on 2 December 2024) per new common share (the “Placing Price”), raising gross proceeds of approximately £27.5 million (C$48.9 million, ISK 4.8 billion). The net proceeds raised in excess of the initially targeted £20 million will be used to accelerate growth opportunities across the Company’s portfolio of assets in Greenland and further bolster the Company’s working capital position.
The total Fundraising Shares represent approximately 8.1 per cent. of the Company’s enlarged share capital after the completion of the Fundraising. It is currently expected that Admission will become effective, and that dealings in the Fundraising Shares will commence on AIM, at 8.00 a.m. GMT on 16 December 2024, on the Icelandic Exchange at 9.30 a.m. UTC on 16 December 2024 and on the TSX-V at 9:30 a.m. ET on 16 December 2024.
Panmure Liberum Limited (“Panmure Liberum”) acted as nominated adviser, joint bookrunner and joint broker, alongside Canaccord Genuity Limited (“Canaccord”) who also acted as joint bookrunner and joint broker (together the “UK Joint Bookrunners”), on the UK Placing.
Landsbankinn hf. (“Landsbankinn”), Acro verðbréf hf (“Acro”) and Fossar fjárfestingarbanki hf. (“Fossar”) (together the “Icelandic Banks”) 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 3 December 2024.
Eldur Olafsson, CEO of Amaroq, commented:
“I would like to thank all investors, both existing and new, for their strong support in this significantly oversubscribed Fundraising. With a number of exciting catalysts ahead of us, including the expected optimisation and ramp-up to commercial production at Nalunaq and advancement of our wider exploration programme, we look forward to providing further updates on key operational workstreams in due course.”
Enquiries:
Amaroq Minerals Ltd.
Eldur Olafsson, Executive Director and CEO
+354 665 2003
Eddie Wyvill, Investor Relations
+44 (0)7713 126727
