REG - Amaroq Minerals Ltd - Results of Fundraising

Amaroq MineralsAnnouncement

20/10/2022 07:45

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RNS Number : 5348D  Amaroq Minerals Ltd  20 October 2022

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE
OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, JAPAN, THE REPUBLIC OF
SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO.
PLEASE SEE THE IMPORTANT NOTICES SECTION WITHIN THIS ANNOUNCEMENT.

 

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY, AND DOES NOT CONSTITUTE OR
FORM PART OF ANY OFFER OR INVITATION TO SELL OR ISSUE, OR ANY SOLICITATION OF
AN OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY SECURITIES OF AMAROQ MINERALS LTD.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
VERSION OF THE MARKET ABUSE REGULATION NO 596/2014, WHICH IS PART OF ENGLISH
LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED.  ON
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Amaroq Minerals Ltd.

("Amaroq" or the "Company")

Results of Fundraising

TORONTO, ONTARIO - 20 October 2022 - Amaroq Minerals Ltd. (AIM, TSX-V: AMRQ),
an independent mining company with an unrivalled land package of gold and
strategic mineral assets in Greenland, is pleased to announce the successful
completion of its proposed Fundraising as announced on 19 October 2022.

A total of 85,714,285 new common shares (the "Fundraising Shares") have been
conditionally placed with new and existing institutional investors at a price
of 35 pence (C$0.54 or ISK 56.77 at the closing exchange rate on 19 October
2022) per new common share (the "Placing Price"), raising gross proceeds of
£30 million (C$47 million, ISK 4.9 billion). Out of the total Fundraising
Shares, a total of 53,734,633 Icelandic Depositary Receipts were conditionally
placed as part of the Icelandic Placing.

The total Fundraising Shares represent approximately 33 per cent. of the
Company's enlarged share capital after the completion of the Fundraising.

The Placing Price represents a 2.78 per cent. discount to the closing price on
19 October 2022 on AIM, being the last practicable closing price prior to the
announcement of the Fundraising.

Stifel Nicolaus Europe Limited ("Stifel") acted as sole bookrunner, nominated
adviser and broker on the UK Placing and Panmure Gordon (UK) Limited ("Panmure
Gordon") acted as manager and broker in relation to the UK Placing (together
the "UK Banks").

Arion Banki hf ("Arion Bank") and Landsbankinn hf. ("Landsbankinn") acted as
joint bookrunners and underwriters on the Icelandic Placing.

Capitalised terms not otherwise defined in the text of this announcement have
the meanings given in the Company's Fundraising announcement dated 19 October
2022

 

Eldur Olafsson, CEO of Amaroq, commented:

"I am delighted to announce the results of the Fundraising, which will prove
transformational for Amaroq as we bring our cornerstone Nalunaq project
towards production. I would like to welcome our new investors as well as thank
all existing shareholders for their continued support, and I look forward to
providing further updates as we continue to drive growth across our exciting
precious and strategic materials portfolio."

 

Enquiries:

Stifel Nicolaus Europe Limited (Joint Bookrunner, Nominated Adviser and Joint
Broker)

Callum Stewart

Simon Mensley

Ashton Clanfield

+44 (0) 20 7710 7600

 

Arion Banki hf. (Joint Bookrunner)

 

Hreidar Mar Hermannsson

Elka Osk Hrolfsdottir

Erlendur Magnus Hjartarson

+354 444 7000

 

Landsbankinn hf. (Joint Bookrunner)

 

Ellert Arnarson

Sigurður Kári Tryggvason

Júlíus Fjeldsted

+354 410 4000

 

Panmure Gordon (UK) Limited (Manager, Joint Broker)

 

John Prior

Hugh Rich

James Sinclair-Ford

+44 (0) 20 7886 2500

 

Camarco (Financial PR)

Billy Clegg

Elfie Kent

Charlie Dingwall

+44 (0) 20 3757 4980

 

Application for Admission

Application will be made to the London Stock Exchange plc ("London Stock
Exchange") for the Icelandic Placing Shares to be admitted to trading on AIM.
Application will also be made to the TSX-V for admission of the Icelandic
Placing Shares to trading on the TSX-V, with listing subject to the approval
of the TSX-V and the Company satisfying all of the requirements of the TSX-V,
and to the Icelandic Exchange for the admission of the Icelandic Depository
Receipts. It is currently expected that admission of the Icelandic Placing
Shares to the TSX-V will occur at 9:30 a.m. ET on 1 November 2022 and
admission of the Icelandic Placing Shares to trading on AIM will occur at 8:00
a.m. GMT on 1 November 2022 (or in each case such other date as may be agreed
between the Company and the UK Banks).

It is expected that the Icelandic Listing will become effective, and that
dealings in the Icelandic Depository Receipts will commence on Icelandic
Exchange at 9:30 a.m. GMT on 1 November 2022 (or such other date as may be
agreed between the Company and the UK Banks), subject to obtaining the
necessary approvals from the TSX-V.

Application will be made to the London Stock Exchange for the UK Placing
Shares and the Canadian Subscription Shares to be admitted to trading on AIM
and to the TSX-V for the UK Placing Shares and the Canadian Subscription
Shares to be admitted to trading on the TSX-V, with listing subject to the
approval of the TSX-V and the Company satisfying all of the requirements of
the TSX-V. It is currently expected that admission will become effective, and
that dealings in the UK Placing Shares and Canadian Subscription Shares will
commence on AIM, at 8.00 a.m. GMT on 2 November 2022 and on the TSX-V at
9:30 a.m. ET on 2 November 2022 (or in each case such other date as may be
agreed between the Company and the UK Banks).

The Fundraising Shares will, when issued, be credited as fully paid and will
rank pari passu in all respects with the existing common shares of the
Company, including the right to receive all dividends and other distributions
thereafter declared, made or paid on the enlarged share capital from
admission.

Total Voting Rights

Following the admission of the Icelandic Placing Shares, the UK Placing Shares
and the Canadian Subscription Shares, Amaroq's total issued share capital will
consist of 263,073,022 common shares of no par value. Given the Company does
not hold any common shares in Treasury, this figure may be used by
shareholders as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a change in
interest in, the share capital of the Company under the Disclosure Guidance
and Transparency Rules.

Director Participation

Certain Directors have participated in the Canadian Subscription, acquiring a
total of 4,972,871 new common shares representing gross proceeds of £1.74
million (C$2.70 million, ISK 282.31 million). The FCA notifications, made in
accordance with the requirements of the EU Market Abuse Regulation, are
appended below.

Persons Discharging Managerial Responsibilities ("PDMR") Disclosures

 

Notification and public disclosure of transactions by persons discharging
managerial responsibilities and persons closely associated with them

 1.          Details of the person discharging managerial responsibilities / person closely
             associated
 a)          Name                                                         Eldur Olafsson
 2.          Reason for the Notification
 a)          Position/status                                              Chief Executive 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  Common shares of no par value

             Identification code                                          CA02312A1066
 b)          Nature of the transaction                                    Subscription for Cash
 c)          Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                          1)      35 pence  814,162
 d)          Aggregated information:

             ·Aggregated volume                                           814,162

             ·Price                                                       35 pence
 e)          Date of the transaction                                      20/10/2022
 f)          Place of the transaction                                     XOFF

d)

Aggregated information:

·Aggregated volume

·Price

 

814,162

35 pence

e)

Date of the transaction

20/10/2022

f)

Place of the transaction

XOFF

 

 1.          Details of the person discharging managerial responsibilities / person closely
             associated
 a)          Name                                                         Jaco Crouse
 2.          Reason for the Notification
 a)          Position/status                                              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  Common shares of no par value

             Identification code                                          CA02312A1066
 b)          Nature of the transaction                                    Subscription for Cash
 c)          Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                          1)      35 pence  285,714
 d)          Aggregated information:

             ·Aggregated volume                                           285,714

             ·Price                                                       35 pence
 e)          Date of the transaction                                      20/10/2022
 f)          Place of the transaction                                     XOFF

d)

Aggregated information:

·Aggregated volume

·Price

 

285,714

35 pence

e)

Date of the transaction

20/10/2022

f)

Place of the transaction

XOFF

 

 1.          Details of the person discharging managerial responsibilities / person closely
             associated
 a)          Name                                                         Livermore Partners LLC, David Neuhauser
 2.          Reason for the Notification
 a)          Position/status                                              Non-Executive Director
 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  Common shares of no par value

             Identification code                                          CA02312A1066
 b)          Nature of the transaction                                    Subscription for Cash
 c)          Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                          1)      35 pence  2,285,714
 d)          Aggregated information:

             ·Aggregated volume                                           2,285,714

             ·Price                                                       35 pence
 e)          Date of the transaction                                      20/10/2022
 f)          Place of the transaction                                     XOFF

d)

Aggregated information:

·Aggregated volume

·Price

 

2,285,714

35 pence

e)

Date of the transaction

20/10/2022

f)

Place of the transaction

XOFF

 

 1.          Details of the person discharging managerial responsibilities / person closely
             associated
 a)          Name                                                         Sigurbjorn Thorkelsson
 2.          Reason for the Notification
 a)          Position/status                                              Non-Executive Director
 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  Common shares of no par value

             Identification code                                          CA02312A1066
 b)          Nature of the transaction                                    Subscription for Cash
 c)          Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                          1)      35 pence  1,444,424
 d)          Aggregated information:

             ·Aggregated volume                                           1,444,424

             ·Price                                                       35 pence
 e)          Date of the transaction                                      20/10/2022
 f)          Place of the transaction                                     XOFF

d)

Aggregated information:

·Aggregated volume

·Price

 

1,444,424

35 pence

e)

Date of the transaction

20/10/2022

f)

Place of the transaction

XOFF

 

 1.          Details of the person discharging managerial responsibilities / person closely
             associated
 a)          Name                                                         Graham Stewart
 2.          Reason for the Notification
 a)          Position/status                                              Non-Executive Director
 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  Common shares of no par value

             Identification code                                          CA02312A1066
 b)          Nature of the transaction                                    Subscription for Cash
 c)          Price(s) and volume(s)                                       Price(s)  Volume(s)
                                                                          1)      35 pence  142,857
 d)          Aggregated information:

             ·Aggregated volume                                           142,857

             ·Price                                                       35 pence
 e)          Date of the transaction                                      20/10/2022
 f)          Place of the transaction                                     XOFF

d)

Aggregated information:

·Aggregated volume

·Price

 

142,857

35 pence

e)

Date of the transaction

20/10/2022

f)

Place of the transaction

XOFF

 

End Note: Conversions based on FX rates of GBP:ISK 162.2 and C$:GBP 0.6446 as
at 19 October 2022.

 

IMPORTANT NOTICES

This Announcement does not constitute, or form part of, a prospectus relating
to the Company, nor does it constitute or contain an invitation or offer to
any person, or any public offer, to subscribe for, purchase or otherwise
acquire any shares in the Company or advise persons to do so in any
jurisdiction, nor shall it, or any part of it form the basis of or be relied
on in connection with any contract or as an inducement to enter into any
contract or commitment with the Company.

This Announcement is not for publication or distribution, directly or
indirectly, in or into the United States of America, Iceland, Australia, The
Republic of South Africa ("South Africa"), Japan or any other jurisdiction in
which such release, publication or distribution would be unlawful. This
Announcement 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 securities in the United States (including its
territories and possessions, any state of the United States and the District
of Columbia (collectively, the "United States")), Iceland, Australia, Canada,
South Africa, Japan 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 referred to herein have not been and will not be registered
under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and
may not be offered or sold in the United States, except pursuant to an
applicable exemption from the registration of the Securities Act and in
compliance with any applicable securities laws of any state or other
jurisdiction of the United States, or under the securities laws of Iceland,
Australia, Canada, South Africa, Japan, or any state, province or territory
thereof or any other jurisdiction outside the United Kingdom, except pursuant
to an applicable exemption from the registration requirements and in
compliance with any applicable securities laws of any state, province or other
jurisdiction of Iceland, Australia, Canada, South Africa or Japan (as the case
may be). No public offering of securities is being made in the United States,
Iceland, Australia, Canada, South Africa, Japan or elsewhere.

No action has been taken by the Company, Stifel, Panmure Gordon, Arion Bank,
Landsbankinn or any of their respective affiliates, or any of its or their
respective directors, officers, partners, employees, consultants, advisers
and/or agents (collectively, "Representatives") that would permit an offer of
the Fundraising Shares or possession or distribution of this Announcement or
any other publicity material relating to such Fundraising Shares in any
jurisdiction where action for that purpose is required. Persons receiving this
Announcement are required to inform themselves about and to observe any
restrictions contained in this Announcement. Persons (including, without
limitation, nominees and trustees) who have a contractual or other legal
obligation to forward a copy of this Announcement should seek appropriate
advice before taking any action. Persons distributing any part of this
Announcement must satisfy themselves that it is lawful to do so.

This Announcement is directed at and is only being distributed to: (a) if in a
member state of the EEA, persons who are qualified investors ("EEA Qualified
Investors"), being persons falling within the meaning of Article 2(e) of
Regulation (EU) 2017/1129 (the "EU Prospectus Regulation"); or (b) if in the
United Kingdom, persons who are qualified investors ("UK Qualified
Investors"), being persons falling within the meaning of Article 2(e) of
Prospectus Regulation (EU) 2017/1129 as it forms part of domestic law by
virtue of the European Union (Withdrawal) Act 2018 (the "UK Prospectus
Regulation"), and who are (i) persons falling within the definition of
"investment professional" in Article 19(5) of the Financial Services And
Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or
(ii) persons who fall within Article 49(2)(a) to (d) (high net worth
companies, unincorporated associations, etc.) of the Order, or (c) persons to
whom it may otherwise be lawfully communicated (all such persons referred to
in (a), (b) and (c) together being referred to as "Relevant Persons").

The Fundraising Shares have not been qualified for distribution by prospectus
in Canada and may not be offered or sold in Canada except in reliance on
exemptions from the requirements to provide the relevant purchaser with a
prospectus and, as a consequence of acquiring securities pursuant to this
exemption or exemptions, certain protections, rights and remedies provided by
the applicable Canadian securities laws will not be available to the relevant
purchaser.  The Fundraising Shares will be subject to statutory resale (hold)
restrictions for a period of four months and one day in Canada under the
applicable Canadian securities laws and any resale of the Common Shares must
be made in accordance with such resale restrictions or in reliance on an
available exemption therefore. Such restrictions shall not apply to any
Fundraising Shares acquired outside of Canada.

No other person should act on or rely on this Announcement and persons
distributing this Announcement must satisfy themselves that it is lawful to do
so. By accepting the terms of this Announcement, you represent and agree that
you are a Relevant Person. This Announcement must not be acted on or relied on
by persons who are not Relevant Persons. Any investment or investment activity
to which this Announcement or the Fundraising relates is available only to
Relevant Persons and will be engaged in only with Relevant Persons.

No offering document or prospectus will be made available in any jurisdiction
in connection with the matters contained or referred to in this Announcement
or the UK Placing or the Fundraising and no such prospectus is required (in
accordance with either the EU Prospectus Regulation, the UK Prospectus
Regulation or Canadian securities laws) to be published.

Stifel, which is authorised and regulated by the Financial Conduct Authority
in the United Kingdom is acting exclusively for the Company and for no one
else in connection with the UK Placing and will not regard any other person
(whether or not a recipient of this Announcement) as a client in relation to
the UK Placing and will not be responsible to anyone other than the Company in
connection with the UK Placing or for providing the protections afforded to
their clients or for giving advice in relation to the UK Placing, the
Fundraising or any other matter referred to in this Announcement. The
responsibilities of Stifel, as nominated adviser, are owed solely to the
London Stock Exchange and are not owed to the Company or to any director or
any other person and accordingly no duty of care is accepted in relation to
them. No representation or warranty, express or implied, is made by Stifel as
to, and no liability whatsoever is accepted by Stifel in respect of, any of
the contents of this Announcement (without limiting the statutory rights of
any person to whom this Announcement is issued).

Panmure Gordon, which is authorised and regulated by the Financial Conduct
Authority in the United Kingdom is acting exclusively for the Company and for
no one else in connection with the UK Placing and will not regard any other
person (whether or not a recipient of this Announcement) as a client in
relation to the UK Placing and will not be responsible to anyone other than
the Company in connection with the UK Placing or for providing the protections
afforded to their clients or for giving advice in relation to the UK Placing,
the Fundraising or any other matter referred to in this Announcement.

Arion Bank, which is authorised and regulated by the Financial Supervisory
Authority of the Central Bank of Iceland, is acting exclusively for the
Company and for no one else in connection with the Icelandic Placing and will
not regard any other person (whether or not a recipient of this Announcement)
as a client in relation to the Icelandic Placing and will not be responsible
to anyone other than the Company in connection with the Icelandic Placing or
for providing the protections afforded to their clients or for giving advice
in relation to the Icelandic Placing, the Fundraising or any other matter
referred to in this Announcement.

Landsbankinn, which is authorised and regulated by the Financial Supervisory
Authority of the Central Bank of Iceland, is acting exclusively for the
Company and for no one else in connection with the Icelandic Placing and will
not regard any other person (whether or not a recipient of this Announcement)
as a client in relation to the Icelandic Placing and will not be responsible
to anyone other than the Company in connection with the Icelandic Placing or
for providing the protections afforded to their clients or for giving advice
in relation to the Icelandic Placing, the Fundraising or any other matter
referred to in this Announcement.

This Announcement is being issued by and is the sole responsibility of the
Company. No representation or warranty, express or implied, is or will be made
as to, or in relation to, and no responsibility or liability is or will be
accepted by or on behalf of Stifel, Panmure Gordon, Arion Bank and/or
Landsbankinn (apart from in the case of Stifel and Panmure Gordon the
responsibilities or liabilities that may be imposed by the Financial Services
and Markets Act 2000, as amended ("FSMA") or the regulatory regime established
thereunder) and/or by any of their respective affiliates and/or any of their
respective Representatives as to, or in relation to, the accuracy, adequacy,
fairness or completeness of this Announcement or any other written or oral
information made available to or publicly available to any interested party or
their respective advisers or any other statement made or purported to be made
by or on behalf of Stifel, Panmure Gordon, Arion Bank and/or Landsbankinn
and/or any of their respective affiliates and/or by any of their respective
Representatives in connection with the Company, the UK Placing Shares, the UK
Placing, the Common Shares or any part of the Fundraising and any
responsibility and liability whether arising in tort, contract or otherwise
therefor is expressly disclaimed. No representation or warranty, express or
implied, is made by Stifel, Panmure Gordon, Arion Bank and/or Landsbankinn
and/or any of their respective affiliates and/or any of their respective
Representatives as to the accuracy, fairness, verification, completeness or
sufficiency of the information or opinions contained in this Announcement or
any other written or oral information made available to or publicly available
to any interested party or their respective advisers, and any liability
therefor is expressly disclaimed.

The information in this Announcement may not be forwarded or distributed to
any other person and may not be reproduced in any manner whatsoever. Any
forwarding, distribution, reproduction or disclosure of this Announcement, in
whole or in part, is unauthorised. Failure to comply with this directive may
result in a violation of the Securities Act or the applicable laws of other
jurisdictions.

This Announcement does not constitute a recommendation concerning any
investor's options with respect to the UK Placing or any part of the
Fundraising. Recipients of this Announcement should conduct their own
investigation, evaluation and analysis of the business, data and other
information described in this Announcement. This Announcement does not
identify or suggest, or purport to identify or suggest, the risks (direct or
indirect) that may be associated with an investment in the UK Placing Shares
or the Common Shares. The price and value of securities can go down as well as
up and investors may not get back the full amount invested upon the disposal
of the shares. Past performance is not a guide to future performance. The
contents of this Announcement are not to be construed as legal, business,
financial or tax advice. Each investor or prospective investor should consult
his or her or its own legal adviser, business adviser, financial adviser or
tax adviser for legal, business, financial or tax advice.

Any indication in this Announcement of the price at which the Company's shares
have been bought or sold in the past cannot be relied upon as a guide to
future performance. Persons needing advice should consult an independent
financial adviser. No statement in this Announcement is intended to be a
profit forecast or profit estimate for any period and no statement in this
Announcement should be interpreted to mean that earnings, earnings per share
or income, cash flow from operations or free cash flow for the Company for the
current or future financial periods would necessarily match or exceed the
historical published earnings, earnings per share or income, cash flow from
operations or free cash flow for the Company.

All offers of the Fundraising Shares will be made pursuant to an exemption
under the EU Prospectus Regulation and the UK Prospectus Regulation from the
requirement to produce a prospectus. This Announcement is being distributed
and communicated to persons in the United Kingdom only in circumstances in
which section 21(1) of FSMA does not apply.

The Fundraising Shares to be issued pursuant to the Fundraising will not be
admitted to trading on any stock exchange other than AIM, the TSX-V and the
Icelandic Exchange.

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

Forward-Looking Information

This Announcement includes statements that are, or may be deemed to be,
"forward-looking statements". In some cases, these forward-looking statements
can be identified by the use of forward-looking terminology, including the
terms "aims", "anticipates", "believes", "could", "envisages", "estimates",
"expects", "intends", "may", "plans", "projects", "should", "targets" or
"will" or, in each case, their negative or other variations or comparable
terminology. By their nature, forward-looking statements involve risks and
uncertainties because they relate to events and depend on circumstances that
may or may not occur in the future and factors which are beyond the Company's
control. The actual results, performance or achievements of the Company or
developments in the industry in which the Company operates may differ
materially from the future results, performance or achievements or industry
developments expressed or implied by the forward-looking statements contained
in this Announcement. The forward-looking statements contained in this
Announcement speak only as at the date of this Announcement. The Company
undertakes no obligation to update or revise publicly the forward-looking
statements contained in this Announcement, except as required in order to
comply with its legal and regulatory obligations.

 

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