REG - Amaroq Minerals Ltd - Update on Listing on Nasdaq Main Market in Iceland

Amaroq MineralsAnnouncement

07/09/2023 07:00

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RNS Number : 6419L  Amaroq Minerals Ltd  07 September 2023

 

 

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

Amaroq Prepares for Listing on Nasdaq Main Market in Iceland

TORONTO, ONTARIO - September 07, 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 in Southern
Greenland, is pleased to provide an update on its planned listing on the
Nasdaq Main Market ("Main Market") in Iceland.

Highlights

·      Amaroq is preparing to move its shares in Iceland from Nasdaq
First North Growth Market Iceland ("First North") to the Nasdaq Main Market in
Iceland ("Main Market"). The transfer is expected to take place in the third
week of September 2023;

·      A Main Market listing has the potential to make the Company
eligible for future inclusion in a number of Icelandic and international stock
market indices;

·      There is strong precedent for Icelandic institutional investors
increasing their ownership of companies as a result of the move from First
North to the Main Market.

A presentation providing further detail on the Main Market listing process and
the rationale for the Company's transfer is available at:
https://www.amaroqminerals.com/investors/presentations/
(https://www.amaroqminerals.com/investors/presentations/)

 

Eldur Olafsson, CEO of Amaroq Minerals, commented:

"Moving our shares to Iceland's Main Market will place Amaroq in a very
favourable position. Since listing on First North last year, we have
benefitted from strong demand from the Icelandic market and believe the Main
Market listing will further enhance this. I invite you to view the
presentation on our website, which provides further detail on the process and
fundamental analysis in relation to our move to the Main Market."

Overview

The Company is progressing the application process to admit its shares to
trading on the Main Market in Iceland. The Company has submitted a draft
prospectus to the Financial Supervisory Authority of the Central Bank of
Iceland (the "FSA") and, subject to the Board of directors' approval, plans to
proceed with the formal request for admission. The final application for
admission is subject to FSA approval of the prospectus and all Nasdaq Main
Market requirements being satisfied. The Company will not issue new share
capital alongside the transfer to the Main Market.

The first day of trading will be agreed with Nasdaq Iceland at a later date
and is expected to be in the third week of September. Trade in Amaroq shares
on AIM and the TSX-V will remain unaffected.

A Main Market listing has the potential to make the Company eligible for
future inclusion in a number of Icelandic and international stock market
indices. These include the OMX Iceland All-Share index immediately upon
uplisting and the FTSE Global Total Cap and Global Micro Cap indices from June
2024, subject to meeting certain inclusion criteria including in relation to
trading volumes.

Moving from First North to the Main Market will also increase the visibility
of Amaroq to Icelandic institutional shareholders, such as pension funds.
Iceland has over 20 pension funds with around US$53 billion in assets under
management. Collectively these pension funds hold around 50% of the shares of
all companies listed on the Main Market, making them a very important part of
the investor universe in Iceland.

 

Enquiries:

Amaroq Minerals Ltd.

Eldur Olafsson, Executive Director and CEO

eo@amaroqminerals.com

 

 Eddie Wyvill, Corporate Development

+44 (0)7713 126727

ew@amaroqminerals.com

 

Stifel Nicolaus Europe Limited (Nominated Adviser and Joint 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

 

Landsbankinn hf. (Listing Agent)

Ellert Arnarson

Ellert.Arnarson@landsbankinn.is (mailto:Ellert.Arnarson@landsbankinn.is)

 

Fossar Investment Bank (Advisor)

Thordur Hlynsson

Thordur.hlynsson@fossar.is (mailto: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 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 contains does not contain inside information.

 

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