Amaroq Minerals to raise £30 million for Southern Greenland projects

Amaroq Minerals Ltd., a mining company with gold and energy transition mineral assets in Southern Greenland, announced its plan to raise £30 million (C$51 million or ISK5.2 billion) by issuing new common shares at 74 pence (C$1.25 or ISK127) each.

The company said it has already received strong interest from investors for the fundraising, which will be conducted through a combination of UK, Icelandic and Canadian placements. The net proceeds will be used to speed up the development and exploration of the company’s flagship Nalunaq gold project and other joint venture licences in Greenland.

Stifel Nicolaus Europe Limited is the sole bookrunner and broker on the UK placement, while Landsbankinn hf. and Fossar fjárfestingarbanki hf. are the joint bookrunners on the Icelandic placement, with Landsbankinn also acting as the underwriter. The fundraising is subject to certain conditions, including the approval of the AIM and the TSX-V.

Eldur Olafsson, CEO of Amaroq, commented: “We are investing to increase recoveries at Nalunaq and to accelerate our exploration plans in our strategic mineral acreage across Southern Greenland, which has become one of the last frontiers for Western governments and companies to secure scaled supply of strategic minerals so desperately needed for the energy transition. By further de-risking the development of Nalunaq whilst also advancing exploration in both gold and strategic minerals, we believe we can deliver value for shareholders. It is a very exciting time to be the largest acreage holder in Southern Greenland.”

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