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TORONTO - Amaroq Minerals Ltd. (AIM, TSX-V, NASDAQ Iceland:AMRQ) plans to raise a minimum of £30 million (approximately C$55.5 million) through a placing and subscription of new common shares at 85 pence per share, according to a press release statement issued Wednesday.
The mining company will use the proceeds to create a new resources hub in West Greenland, support ongoing commissioning and production expansion at its Nalunaq gold mine, and strengthen its balance sheet.
As part of its strategy to expand its Greenlandic footprint, Amaroq also announced two strategic acquisitions: Black Angel Mining A/S for US$10 million and the Kangerluarsuk licences for an initial US$0.5 million with potential deferred consideration of US$1.5 million. Both acquisitions will be satisfied through the issuance of Amaroq shares.
The acquisitions are subject to regulatory approvals, including from the TSX Venture Exchange and the Government of Greenland. Upon completion, Amaroq will become Greenland’s largest mineral licence holder with a total licence area of 7,501.4 square kilometers.
The fundraising will be conducted through an accelerated bookbuild process managed by Panmure Liberum Limited and Canaccord Genuity Limited for the UK placing, and Landsbankinn hf. and Acro verðbréf hf for the Icelandic placing.
The acquisition of Black Angel represents a related party transaction as its ultimate parent company is controlled by certain Amaroq directors. Eldur Olafsson, Sigurbjorn Thorkelsson, and Graham Stewart collectively hold approximately 72% of BAMAS ehf., Black Angel’s parent company.
Amaroq is also evaluating an upgrade to its London listing onto the Main Market of the London Stock Exchange (LON:LSEG) to access greater market liquidity and broaden its investor base.
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