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IN BRIEF: Amaroq Minerals completes fundraise with "strong support"

13th Feb 2024 09:39

Amaroq Minerals Ltd - Toronto-based mining company focused on gold and energy-transition mineral assets in southern Greenland - Announces "successful completion of significantly oversubscribed proposed fundraising" announced on Monday. Says it has placed 62.7 million shares with institutional investors at 74 pence each, raising net proceeds of around GBP44 million and beating its initial GBP30 million target. Amaroq says it will use the extra approximate GBP14 million to further advance exploration at its Vagar and Nanoq licences, and for an additional capital injection into the Gardaq joint venture.

Chief Executive Officer Eldur Olafsson says: "I would like to thank all participating shareholders for their strong support shown in this financing. We were particularly pleased to note strong demand from the Scandinavian pension funds...We now have great confidence in delivering on our objectives at the Nalunaq Mine and in enhancing our potential to deliver value for shareholders and local communities within Greenland, and I look forward to providing an update on specific timings for the Nalunaq project later this year."

Current stock price: 74.70 pence, up 1.6% on Tuesday morning

12-month change: up 78%

By Emma Curzon, Alliance News reporter

Comments and questions to [email protected]

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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