REG - Amaroq Minerals Ltd - Debt Financing Update

Amaroq MineralsAnnouncement

11/08/2023 18:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230811:nRSK1371Ja&default-theme=true

RNS Number : 1371J  Amaroq Minerals Ltd  11 August 2023

("Amaroq" or the "Corporation" or the "Company")

 

Debt Financing Update

TORONTO, ONTARIO - August 11, 2023 - Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ
First North: AMRQ) provides an update on its debt financing, announced on
March 28, 2023.

Amaroq continues to finalise the terms and conditions of the debt financing
and expects to close the transaction by the end of August 2023. The debt
financing consists of an increased US$50.9 million senior secured package,
including:

(i)         US$18.5 million in senior debt term loans pursuant to
revolving credit facilities provided by Landsbankinn hf. and Fossar Investment
Bank;

(ii)         US$22.4 million in convertible notes with ECAM LP, JLE
Property Ltd. and Livermore Partners LLC; and

(iii)        an overrun loan from JLE Property Ltd. of up to US$10
million under a revolving credit facility.

The financing remains subject to the completion of final documentation and
agreement by the parties to all terms and conditions. In addition, the debt
financing remains subject to the final approval of the TSX Venture Exchange
and satisfaction by the Company of all of the requirements of the TSX Venture
Exchange.

This news release is not for release, publication, distribution, directly or
indirectly, in or into the United States of America or any other jurisdiction
in which such release, publication or distribution would be unlawful. This
news release is for information purposes only and does not constitute an offer
to sell or issue, or a solicitation of an offer to buy, subscribe for or
otherwise acquire any of the securities described herein in the United States
of America (including its territories and possessions, any state of the United
States and the District of Columbia (collectively, the "United States")) or
any other jurisdiction in which such offer or solicitation would be unlawful
or to any person to whom it is unlawful to make such offer or solicitation.
The securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any
state securities laws. The securities may not be offered or sold within the
United States, except pursuant to an applicable exemption from the
registration requirements of the U.S. Securities Act and in compliance with
any applicable securities laws of any state or other jurisdiction of the
United States.

Enquiries:

Amaroq Minerals Ltd.

Eldur Olafsson, Executive Director and CEO

+354 665 2003

eo@amaroqminerals.com (mailto:eo@amaroqminerals.com)

 

Eddie Wyvill, Investor Relations

+44 (0)7713 126727

ew@amaroqminerals.com (mailto:ew@amaroqminerals.com)

 

Stifel Nicolaus Europe Limited (Nominated Adviser and Broker)

Callum Stewart

Varun Talwar

Simon Mensley

Ashton Clanfield

+44 (0) 20 7710 7600

 

Panmure Gordon (UK) Limited (Joint Broker)

John Prior

Hugh Rich

Dougie Mcleod

+44 (0) 20 7886 2500

 

Camarco (Financial PR)

Billy Clegg

Elfie Kent

Charlie Dingwall

+44 (0) 20 3757 4980

For Company updates:

Follow @Amaroq_minerals on Twitter

Follow Amaroq Minerals Inc. on LinkedIn

 

Further Information:

About Amaroq Minerals

Amaroq Minerals' principal business objectives are the identification,
acquisition, exploration, and development of gold and strategic metal
properties in Greenland. The Company's principal asset is a 100% interest in
the Nalunaq Project, an advanced exploration stage property with an
exploitation license including the previously operating Nalunaq gold mine. The
Corporation has a portfolio of gold and strategic metal assets
covering 7,866.85km(2), the largest mineral portfolio in Southern Greenland
covering the two known gold belts in the region. Amaroq Minerals is
incorporated under the Canada Business Corporations Act and wholly owns
Nalunaq A/S, incorporated under the Greenland Public Companies Act.

Certain statements in this release constitute "forward-looking statements" or
"forward-looking information" within the meaning of applicable securities
laws. Such statements and information involve known and unknown risks,
uncertainties and other factors that may cause the actual results, performance
or achievements of the company, its projects, or industry results, to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements or information. Such
statements can be identified by the use of words such as "may", "would",
"could", "will", "intend", "expect", "believe", "plan", "anticipate",
"estimate", "scheduled", "forecast", "predict" and other similar terminology,
or state that certain actions, events or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved. These statements reflect the
Company's current expectations regarding future events, performance and
results and speak only as of the date of this release.

Forward-looking statements and information involve significant risks and
uncertainties, should not be read as guarantees of future performance or
results and will not necessarily be accurate indicators of whether or not such
results will be achieved. A number of factors could cause actual results to
differ materially from the results discussed in the forward-looking statements
or information, including, but not limited to: material adverse changes,
unexpected changes in laws, rules or regulations, or their enforcement by
applicable authorities; the failure of parties to contracts with the company
to perform as agreed; social or labour unrest; changes in commodity prices;
and the failure of exploration, refurbishment, development or mining programs
or studies to deliver anticipated results or results that would justify and
support continued exploration, studies, development or operations.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

 

Inside Information

This announcement does not contain inside information.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDUAVNROOUWAAR