Amaroq Minerals Ltd - Toronto-based mining company focused on gold and energy-transition mineral assets in southern Greenland - Announces a placing and subscription offer to raise proceeds of up to GBP30.0 million. Both the placing and subscription shares will be at a price of 74 pence per new share, and Amaroq says it has already received interest from investors "in excess" of the target amount. The proceeds will go towards mining the target block of the company's flagship Nalunaq gold project in south Greenland, as well as financing exploration at the company's Vagar, Nanoq and Gardaq licences. In January, Amaroq reported grades of up to 48.3 grams of gold per tonne of ore at Nalunaq, confirming the high-grade nature of the block.
Chief Executive Officer Eldur Olafsson says: "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."
Current stock price: 74.25 pence per share, up 6.1% in London on Monday morning.
12-month change: up 77%
By Hugh Cameron, Alliance News reporter
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