SoFi CEO enters prepaid forward contract on 1.5 million shares
REYKJAVIK - Amaroq Minerals Ltd. (AIM, TSX-V, NASDAQ Iceland: AMRQ) announced a proposed fundraising of approximately £20 million to bolster its balance sheet and support potential listing on the main market in London. The funds are intended to accelerate growth in the company's Greenland portfolio and aid the transition to full production capacity at its Nalunaq property.
The fundraising will consist of new common shares in the UK and Icelandic markets, and a private placement in Canada. Landsbankinn hf. has committed to underwriting up to £10 million of the effort. Directors of the company have expressed intentions to subscribe for approximately £2.1 million in the Canadian Subscription.
The proceeds are earmarked for various purposes, including working capital to support growth investment opportunities, expanding resources at Nalunaq, further exploration drilling at Nanoq, investments in mining equipment and green energy production, and advancing strategic minerals business with joint venture partners.
The UK Placing will be executed through an accelerated bookbuild process, expected to close by the morning of December 4, 2024. The Icelandic Placing Shares were offered to a limited number of qualified investors, and the company had previously published a Supplementary Prospectus on February 21, 2024.
CEO Eldur Olafsson commented on the fundraising's role in accelerating growth plans, particularly following the first gold pour at Nalunaq and the establishment of key offtake agreements. Olafsson also noted the company's consideration of a move to list on the Main Market of the London Stock Exchange (LON:LSEG).
Amaroq Minerals, with its focus on gold and strategic minerals in South Greenland, aims to realize the value of its assets while progressing towards commercial production at Nalunaq. The company's strategy is to deliver long-term value for stakeholders as it explores expansion and listing opportunities. This report is based on a press release statement.
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