REG - Amaroq Minerals Ltd - Conditional Award under RSU Plan and Award Options

Amaroq MineralsAnnouncement

30/12/2022 12:30

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RNS Number : 3776L  Amaroq Minerals Ltd  30 December 2022

("Amaroq Minerals" or the "Company")

Conditional Awards under RSU Plan and Award of Stock Options

TORONTO, ONTARIO - December 30, 2022 - Amaroq Minerals Ltd. (AIM, TSXV, NASDAQ
First North: AMRQ), announces that on 30 December 2022 it made an award (the
"Award") to directors and employees of Amaroq Minerals as listed below. The
Award consists of a conditional right to receive value if the future
performance targets, applicable to the Award, are met. Any value to which the
participants are eligible in respect of the Award will be granted as
Restricted Share Units (each an "RSU"), with each RSU entitling a participant
to receive common shares in the Company. Each RSU will be granted under, and
governed in accordance with, the rules of the Company's Restricted Share Unit
Plan (the "RSU Plan").

The RSU Plan was approved by the Company's shareholders at the AGM held on 16
June 2022. Full details of the RSU Plan were set out in the Company's Notice
of Annual and Special meeting of shareholders and Management information
circular (available on the Company's website at
https://www.amaroqminerals.com/investors/documents-circulars/
(https://www.amaroqminerals.com/investors/documents-circulars/) .

The details of the Award are as follows:

 Award Date                30 December 2022
 Initial Price             CAD 0.552
 Hurdle Rate               10% p.a. above the Initial Price
 Total Pool                10% of the growth in value above the Hurdle rate, not exceeding 10% of the
                           Company's share capital

                           The number of shares will be determined at the Measurement Dates
 Participant proportions   Eldur Olafsson, CEO
                           40%

                           Jaco Crouse,
                           CFO                                 20%

                           Joan Plant, VP ESG
                           10%

                           James Gilbertson, VP Exploration          10%
 Performance Period        1 January 2022 to 31 December 2025 (inclusive)
 Normal Measurement Dates  First Measurement Date: 31 December 2023, vesting partially on the First
                           Measurement Date and on the third anniversary of the First Measurement Date

                           Second Measurement Date: 31 December 2024, vesting partially on the Second
                           Measurement Date and on the second anniversary of the Second Measurement Date

                           Third Measurement Date: 31 December 2025, with vesting on the first
                           anniversary of the Third Measurement Date

 

Dealing Notification Forms of each PDMR provided in accordance with Article 19
of the EU Market Abuse Regulation 596/2014 can be found below.

Award of stock options

Amaroq Minerals also announces that it has granted incentive stock option
awards ("Options") to employees and a consultant of Amaroq Minerals to acquire
an aggregate of 1,330,000 common shares under the Company's Stock Option Plan.

The Options have an exercise price of C$0.70 per share, vested immediately on
the date of grant, and will expire if they remain unexercised five years from
the date of the award.

 

 

DEALING NOTIFICATION FORM

FOR USE BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY

AND THEIR CLOSELY ASSOCIATED PERSONS

 

 1.     Details of the person discharging managerial responsibilities/person closely
        associated
   a)   Name:                                                         1) Eldur Olafsson

                                                                      2) Jaco Crouse
 2.     Reason for the notification
   a)   Position/status:                                              1) Director and Chief Executive Officer

                                                                      2) Director and Chief Financial Officer
   b)   Initial notification/Amendment                                Initial notification
 3.     Details of the issuer, emission allowance market participant, auction
        platform, auctioneer or auction monitor
   a)   Name                                                          Amaroq Minerals Ltd.
   b)   LEI:                                                          213800Q21S5JQ6WKCE70
 4.     Details of the transaction(s): section to be repeated for (i) each type of
        instrument; (ii) each type of transaction; (iii) each date; and (iv) each
        place where transactions have been conducted
   a)   Description of the financial instrument, type of instrument:  Restricted Share Units ("RSU"), with each RSU entitling the participant to

                                                             receive common shares in the Company

        Identification code:
   b)   Nature of the transaction:                                    Award under Restricted Share Unit Plan
   c)   Price(s) and volume(s):

Price(s)  Volume(s)
                                                                      Nil       1) 40% of the Total Pool

                                                                           2) 20% of the Total Pool
   d)   Aggregated information:                                       n/a

        ·    Aggregated volume:

        ·    Average price:

   e)   Date of the transaction(s):

                                                                      December 30, 2022

   f)   Place of the transaction                                      XOFF

  d)

Aggregated information:

·    Aggregated volume:

 

·    Average price:

 

n/a

 

  e)

Date of the transaction(s):

 

December 30, 2022

 

  f)

Place of the transaction

XOFF

 

 

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

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

 

SI Capital Limited (Joint Broker)

Nick Emerson

+44 (0) 1483 413500

 

 

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 Ltd. 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
7,615.85km(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.

 

Forward-Looking Information

This press release contains forward-looking information within the meaning of
applicable securities legislation, which reflects the Company's current
expectations regarding future events and the future growth of the Company's
business. In this press release there is forward-looking information based on
a number of assumptions and subject to a number of risks and uncertainties,
many of which are beyond the Company's control, that could cause actual
results and events to differ materially from those that are disclosed in or
implied by such forward-looking information. Such risks and uncertainties
include but are not limited to the factors discussed under "Risk Factors" in
the Final Prospectus available under the Company's profile on SEDAR at
www.sedar.com. Any forward-looking information included in this press release
is based only on information currently available to the Company and speaks
only as of the date on which it is made. Except as required by applicable
securities laws, the Company assumes no obligation to update or revise any
forward-looking information to reflect new circumstances or events. No
securities regulatory authority has either approved or disapproved of the
contents of this press release. 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.

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