REG - Amaroq Minerals Ltd - Update on Fundraising and Icelandic Placing

Amaroq MineralsAnnouncement

31/10/2022 13:45

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RNS Number : 7739E  Amaroq Minerals Ltd  31 October 2022

 

 

 

Amaroq Announces Initial Closing of Fundraising and

Issuance and Admission of Icelandic Placing Shares

 

TORONTO, ONTARIO - October 31, 2022 - Amaroq Minerals Ltd. ("Amaroq" or the
"Company") (AIM, TSXV: AMRQ - formerly AEX Gold), 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,
further to its announcements on October 19 and October 20, 2022 in relation to
a total fundraising of £30 million (C$47 million, ISK 4.9 billion), today
announces the initial closing in which it has raised C$29,016,701.80 in
Iceland through a placing of 53,734,633 common shares of the Company (the
"Icelandic Fundraising"), which have today been issued and admitted to trading
on AIM and the TSX Venture Exchange (the "TSXV").

The shares will be listed as depository receipts (the "Icelandic Depositary
Receipts" or "IDRs") on the Nasdaq First North Growth Market in Iceland
("First North Iceland").

Nasdaq Iceland hf. ("Nasdaq") has approved the Company's request for admission
of IDRs to trading on First North Iceland under the symbol AMRQ. The ISIN
number of the IDRs is IS0000034569. The Company Description can be found on
the Company´s website:
https://www.amaroqminerals.com/investors/documents-circulars/
(https://www.amaroqminerals.com/investors/documents-circulars/)

53,734,633 IDRs will be admitted to trading, with each IDR having a nominal
value of ISK 1.

The first day of trading on First North Iceland is expected to be 1 November
2022. Nasdaq will publish a market notice, at the latest, one day prior to the
intended first day of trading on First North Iceland.

Arion Bank hf. and Landsbankinn hf. acted as agents in connection with the
Icelandic Fundraising. In consideration for their services, the agents
received a cash commission equal to C$1,668,318.03.

An application has been made for the admission of the remaining 31,979,652
common shares, consisting of the UK Placing Shares and the Canadian
Subscription Shares, to AIM and the TSXV, with admission expected on AIM at
8:00 a.m. GMT and on TSXV on 2 November 2022.

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

 

Nasdaq First North Growth Market

Nasdaq First North Growth Market is a registered SME growth market, in
accordance with the Directive on Markets in Financial Instruments (EU 2014/65)
as implemented in the national legislation of Denmark, Finland, Iceland and
Sweden, operated by an exchange within the Nasdaq group. Issuers on Nasdaq
First North Growth Market are not subject to all the same rules as issuers on
a regulated main market, as defined in EU legislation (as implemented in
national law). Instead, they are subject to a less extensive set of rules and
regulations adjusted to small growth companies. The risk in investing in an
issuer on Nasdaq First North Growth Market may therefore be higher than
investing in an issuer on the main market. All issuers with Shares admitted to
trading on Nasdaq First North Growth Market have a certified adviser who
monitors that the rules are followed. The respective Nasdaq exchange approves
the application for admission to trading.

 

Certified Adviser

Arion Bank hf., reg. no. 581008-0150, Borgartún 19, 105 Reykjavík, which is
a member of and has an agreement with Nasdaq Iceland hf., is the Certified
Adviser for the Company in its application and listing process on First North
Iceland. Arion Bank holds a full banking license under the Act on Financial
Undertakings, no. 161/2002 and is regulated by the Icelandic Financial
Supervisory Authority. The Company has chosen to be fully Exchange-monitored
after the Icelandic Depositary Receipts have been admitted to trading.

 

 

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

 

Arion Banki hf. (Certified Adviser)

Hreidar Mar Hermannsson

Elka Osk Hrolfsdottir

Erlendur Magnus Hjartarson

+354 444 7000

 

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

 

SI Capital Limited (Joint Broker)

Nick Emerson

Charlie Stephenson

+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 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.

 

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.

 

Notice to Overseas Persons

 

This announcement is not for publication or distribution, directly or
indirectly, in or into the United States of America.  This announcement is
not an offer of securities for sale into the United States.  The securities
referred to herein have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in the
United States, except pursuant to an applicable exemption from registration.
No public offering of securities is being made in the United States.

 

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