Amaroq Minerals Ltd (TSX-V: AMRQ, AIM: AMRQ) has successfully finalized its anticipated US$50.9 million senior secured financing.
The mining developer, with gold and other crucial mineral holdings in Southern Greenland, clarified that this financing is made up of US$18.5 million in senior debt term loans from credit facilities offered by Landsbankinn and Fossar Investment Bank.
Additionally, it comprises US$22.4 million in convertible notes: US$16 million to ECAM LP, US$4 million to JLE Property, and US$2.4 million to Livermore Partners.
Included is an overrun loan from JLE Property Ltd, amounting to as much as US$10 million within a revolving credit agreement.
Amaroq plans to channel the funds from these notes and facilities towards the evolution of its Nalunaq mining licence. This evolution will transition from a bulk sample trial to phased, full-scale gold doré production on location, expediting the development of a processing facility and its related infrastructure.
Eldur Olafsson, CEO of Amaroq, remarked, “This is a significant step for Amaroq Minerals as we gear up for full-scale operations at the Nalunaq gold initiative.
A big thank you to our backers and financing collaborators.” He added, “With an adept team by our side, we’re fast-tracking our move to trial mining ventures. The next phase of Nalunaq’s operations is what we’re eagerly anticipating next.”
