REG - GreenRoc Mining PLC - Placing Update: Additional Tranche To Raise £75k

GreenRoc Strategic MaterialsAnnouncement

27/11/2023 07:00

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RNS Number : 6649U  GreenRoc Mining PLC  27 November 2023

GreenRoc Mining Plc / EPIC: GROC / Market: AIM / Sector: Mining

 

27 November 2023

GreenRoc Mining plc

("GreenRoc" or the "Company")

 

Placing Update: Additional Tranche To Raise £75k

 

GreenRoc Mining Plc (AIM: GROC), a company focused on the development of
critical mineral projects in Greenland, is pleased to announce that, further
to the RNS on 22 November 2023, it has received additional gross proceeds of
£75,000 by way of a placing of 3,000,000 new ordinary shares of 0.1 pence
each (the "Additional Tranche Placing Shares") at a price of 2.5 pence per
share (the "Placing Price") (the "Additional Tranche").

 

This follows the Company raising gross proceeds of £460,786 by way of a
placing of 18,431,452 new ordinary shares of 0.1 pence each at a price of 2.5
pence per share as announced in the Company's RNS on 22 November 2023 (the
"Original Placing")

 

As a result, the Company has now raised gross proceeds from both the Original
Placing and the Additional Tranche of £535,786 by way of a placing of
21,431,452 new ordinary shares of 0.1 pence each at a price of 2.5 pence per
share.

 

The Company has agreed to facilitate the Additional Tranche in particular to
accommodate a request from an existing shareholder of the Company who did not
meet the book closing deadline for the Original Placing. The net proceeds of
the Additional Tranche will support general working capital requirements.

 

GreenRoc's CEO, Stefan Bernstein, commented:

"The additional tranche of the placing of £75,000 underlines the demand from
shareholders and demonstrates strong investor confidence in the business
model, the assets, and the future prospects of the Company."

 

Additional Tranche Placing Shares: Admission to Trading on AIM and Total
Voting Rights

 

Application will be made for the Additional Tranche Placing Shares, which will
rank pari passu with the existing ordinary shares of 0.1 pence each, to be
admitted to trading on AIM ("Admission"). It is expected that Admission will
become effective and that dealings will commence at 8:00 a.m. on or around 1
December 2023.

 

Following the issue of the Additional Tranche Placing Shares, the total issued
share capital of the Company will consist of 168,114,162 ordinary shares of
0.1 pence each. The Company does not hold any ordinary shares in Treasury,
therefore the total current voting rights in the Company following Admission
will be 168,114,162. This figure may be used by shareholders in the Company as
the denominator for the calculations by which they will determine if they are
required to notify their interest in, or a change in their interest in, the
share capital of the Company under the FCA's Disclosure Guidance and
Transparency Rules.

 

Market Abuse Regulation (MAR) Disclosure

 

This announcement contains inside information for the purposes of the UK
Market Abuse Regulation and the Directors of the Company are responsible for
the release of this announcement.

**ENDS**

 

For further information, please contact:

 GreenRoc Mining plc                                                             +44 20 3950 0724

 Stefan Bernstein, CEO

 Cairn Financial Advisers LLP (Nomad)                                            +44 20 7213 0880

 James Caithie / Sandy Jamieson / Louise O'Driscoll

 SP Angel (Broker)                                                               +44 20 3470 0500

 Ewan Leggat, Charlie Bouverat

 St Brides Partners Ltd (Financial PR & IR) Paul Dulieu / Isabel De Salis /      +44 20 7236 1177
 Isabelle Morris

 

About GreenRoc

GreenRoc Mining plc is an AIM-quoted company which is developing mining
projects in Greenland in critical, high-demand and high-value minerals.

 

Led by a group of highly experienced mining industry professionals, GreenRoc
has a portfolio of 100% owned projects all of which have defined Resources:

·      Amitsoq Graphite Project, one of the highest-grade graphite
deposits in the world with a combined Measured, Indicated and Inferred JORC
Resource of 23.05 million tonnes (Mt) at an average grade of 20.41% graphite,
giving a total graphite content of 4.71 Mt;

·      Thule Black Sands Ilmenite Project ('TBS'), which has an initial
Mineral Resource of 19Mt at 43.6% Total Heavy Minerals with an in-situ
ilmenite grade of 8.9%; and

·      Melville Bay Iron Project, which has a Mineral Resource Estimate
of 67Mt at 31.4% iron and has been proven to be processable to a high-grade,
70% concentrate with low impurities.

About Amitsoq

 

Amitsoq is located in the Nanortalik region of southern Greenland and has been
confirmed as one of the highest-grade flake graphite projects in the world.
GreenRoc is focused on fast-tracking the development of Amitsoq into a
producing mine in the shortest possible timeframe to meet critical demand from
Electric Vehicle ('EV') manufacturers in Europe and North America for new,
high grade and conflict-free sources of graphite.

 

Key points about Amitsoq:

·      Greenroc Mining plc holds the Amitsoq exclusive exploration
licence MEL2013_06 of a total of 72.52km2 in the South of Greenland.

·      Amitsoq has a total inferred, indicated and measured JORC
Resource of 23.05 million tonnes (Mt) at an average grade of 20.41% Graphitic
Carbon ("C(g)"), giving a total graphite content of 4.71 Mt.

·      Results of the Preliminary Economic Assessment were released on
31 October 2023 stating a post-tax NPV8 of US$179M at an IRR of 26.7%. Capex
estimated at US$131M including a 25% contingency.

·      Several samples have been extracted for the purpose of testing
the quality of the Amitsoq graphite.

·      Independent micronisation and spheronisation test work has proven
that Amitsoq graphite can be easily upgraded to high-grade anode-quality
graphite, otherwise known as high purity spherical graphite or cSPG, a key raw
material in the manufacturing of EVs.

·      In GreenRoc's test work programmes, Amitsoq spheronised graphite
has achieved higher than 99.95% purity with relatively little energy input and
processing and using the milder alkaline purification method compared to the
industry standard hydrofluoric acid, boding well for future production costs
and sustainability commitments.

·      Significant further upside exists at Amitsoq as the Amitsoq
Island Deposit is open in at least two directions with potential for
considerable further expansion via the similarly high-grade Kalaaq Mainland
Deposit as well as a series of other high-grade targets on GreenRoc's licence
package.

·      The deposit was in small-scale production about 100 years ago,
and there remains considerable underground mine development in place from that
time, which will be of considerable benefit to GreenRoc in the mine
construction phase.

·      Following a detailed evaluation process, the European Raw
Materials Alliance has expressed its support of GreenRoc and its Amitsoq
graphite project, stating that "GreenRoc's graphite resource is of global
importance and, together with the Company's strategy, will enable the European
Union to achieve a certain level of independence for the electrical vehicle
supply chain. ERMA has approved the Amitsoq Graphite project and will engage
to support its development and financing to produce these critical raw
materials for the benefit of the European Union goals." (see RNS dated 8
February 2023).

·      On 9 October 2023, GreenRoc was awarded a grant of approximately
£250,000 by the Automotive Transformation Fund in the UK to part-finance a
feasibility study into the establishment of a graphite spheronisation
processing plant in the UK to produce active anode material from graphite
concentrate delivered from GreenRoc's Amitsoq Graphite Project.

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