REG - Amaroq Minerals Ltd - Related Party Transaction

Amaroq MineralsAnnouncement

07/06/2023 07:00

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RNS Number : 8759B  Amaroq Minerals Ltd  07 June 2023

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

 

Related Party Transaction

 

TORONTO, ONTARIO - 07 June, 2023 - Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ
First North: AMRQ), an independent mine development company with a substantial
land package of gold and strategic mineral assets covering an area of
7,866.85 km(2) in Southern Greenland, announces an update to its Nasdaq Main
Market listing process in Iceland ("Admission").

On 28 March 2023, the Company announced that it was undergoing preparatory
work in relation to the Admission, which will consist of a transfer of its
depositary receipts from the Nasdaq First North Growth Market to the regulated
Nasdaq Main Market in Iceland.

Today the Company announces that, in addition to engaging Landsbankinn hf. as
project manager and advisor on the Admission, the Company has engaged Fossar
Investment Bank hf. ("Fossar") to assist in introducing Amaroq to investors,
organizing investor meetings, and advising and analysing the potential effects
the Admission has on the liquidity and formation of the share price of the
Corporation.

Fossar is a related party of Amaroq as it is a company in which Sigurbjorn
Thorkelsson, Non-Executive Director, is Chairman of the Board and indirectly
controls over 30% of the capital. Amaroq has agreed to pay Fossar £15,000
(CAD$ 25,000) and Amaroq will be responsible for any ancillary expenses on the
planned engagement. The Engagement will end upon the completion of Admission.

The engagement with Fossar constitutes a related party transaction in
accordance with AIM Rule 13. The Independent Directors, being the Amaroq
Directors other than Sigurbjorn Thorkelsson, having consulted with the
Company's Nominated Adviser, are confident that the terms of the engagement
with the related party are fair and reasonable insofar as the Company's
shareholders are concerned.

 

Enquiries:

Amaroq Minerals Ltd.

Eldur Olafsson, Executive Director and CEO

+354 665 2003

eo@amaroqminerals.com

 

Eddie Wyvill, Investor Relations

+44 (0)7713 126727

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

 

Fossar Investment Bank (Advisor)

Thordur Hlynsson

Thordur.hlynsson@fossar.is

+354 896 7641

 

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.

Inside Information

This announcement does not contain inside information.

 

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