REG - GreenRoc Strategic - Subscription to raise £450,000

GreenRoc Strategic MaterialsAnnouncement

02/06/2025 07:00

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RNS Number : 9360K  GreenRoc Strategic Materials Plc  02 June 2025

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

 

02 June 2025

GreenRoc Strategic Materials plc

("GreenRoc" or the "Company")

 

Subscription to raise £450,000

 

GreenRoc Strategic Materials Plc (AIM: GROC), a company focused on the
development of critical mineral projects in Greenland, is pleased to announce
that it has completed a subscription ("Fundraise") to raise a total of
£450,000 (before costs).

 

The Fundraise comprises a significant subscription of £450,000 from an
institution. The subscription price is 2.5p per share (the "Subscription
Price") resulting in the issue of a total of 18,000,000 new ordinary shares
("New Ordinary Shares"). The Subscription Price represents a discount of
approximately 7 per cent to the previous day's bid price.

 

For every two New Ordinary Shares issued, the institution will receive one
warrant ("Warrant"). The Warrants will have an exercise price of 3.75p per
ordinary share and will expire two years after the date of the New Ordinary
Shares' admission to trading on AIM. The Warrants will be subject to an
accelerator provision, such that if at any time during the exercise
period the 10-day volume-weighted average price of GreenRoc ordinary shares
exceeds 5.0 pence per share, the Company may give Warrant holders notice to
exercise their Warrants failing which the Warrants will automatically expire.

 

Use of Proceeds

 

The proceeds of the Fundraise will provide general working capital for
business development and be used by the Company in particular to:

 

·      collect a large bulk sample (10-20 tons) of graphite ore from
underground workings of the historical Amitsoq mine;

·      cover fees pertaining to the application for exploitation licence
submitted in autumn, 2024; and

·      cover further base-line studies relevant for the ongoing
Environmental Impact Assessment Study.

 

GreenRoc's CEO, Stefan Bernstein, commented:

"We are very pleased to have secured this substantial amount of capital, which
will ensure that we can plan and conduct work which is essential to maintain
momentum on our Amitsoq project. While we are pursuing discussions with public
institutions, we wanted to add sufficient capital so that we can start making
the necessary preparations to have the bulk sample collected. The logistical
options are rapidly closing regarding having this sampling concluded before
the end of the season this fall, with local contractors in South Greenland
already filling up their order books. The sample will provide us with graphite
concentrate for our planned graphite anode materials processing plant, as well
as important constraints on the beneficiation process, which to be added to
the Pre-Feasibility study to be conducted as an important next milestone for
Amitsoq.

 

"With these funds we can also progress with the baseline studies forming the
basis of the Environmental Impact Assessment which is an integral part of the
mining permit."

 

 

Admission to Trading on AIM and Total Voting Rights

 

Application will be made for the New Ordinary 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 16 June
2025.

 

Following the issue of the New Ordinary Shares, the total issued share capital
of the Company will consist of 270,618,786 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 270,618,786.
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.

 

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.

 

Forward Looking Statements

This announcement contains forward-looking statements relating to expected or
anticipated future events and anticipated results that are forward-looking in
nature and, as a result, are subject to certain risks and uncertainties, such
as general economic, market and business conditions, competition for qualified
staff, the regulatory process and actions, technical issues, new legislation,
uncertainties resulting from potential delays or changes in plans,
uncertainties resulting from working in a new political jurisdiction,
uncertainties regarding the results of exploration, uncertainties regarding
the timing and granting of prospecting rights, uncertainties regarding the
timing and granting of regulatory and other third party consents and
approvals, uncertainties regarding the Company's or any third party's ability
to execute and implement future plans, and the occurrence of unexpected
events.

 

Actual results achieved may vary from the information provided herein as a
result of numerous known and unknown risks and uncertainties and other
factors.

 

 

*ENDS** 

 

For further information, please contact:

 

 Investor questions on this announcement         https://greenrocplc.com/s/f795de (https://greenrocplc.com/s/f795de)

 We encourage all investors to share questions

 on this announcement via our investor hub
 GreenRoc Mining plc                             info@greenrocplc.com (mailto:info@greenrocplc.com)

 Stefan Bernstein, CEO                           +44 20 3950 0724

 Cairn Financial Advisers LLP (Nomad)

 Sandy Jamieson / Louise O'Driscoll              +44 20 7213 0880

 Oberon (Broker)                                 +44 20 3179 5300

 Nick Lovering/Adam Pollock

 

 

 

About GreenRoc

GreenRoc Strategic Materials Plc is an AIM-quoted UK public company which is
led by a group of highly experienced mining industry professionals. The
Company is focused on fast-tracking the Amitsoq Graphite Project in Greenland
into a producing mine to meet critical demand from Electric Vehicle ('EV')
manufacturers in Europe and North America for new, high grade and
conflict-free sources of graphite.  Amitsoq is 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, and significant
further upside beyond this. Test work has proven that Amitsoq graphite can be
readily upgraded to high-grade, anode-quality graphite, with higher than
99.95% purity and relatively little energy input, which bodes well for future
production costs and sustainability commitments.

 

A Preliminary Economic Assessment released on 31 October 2023 gives a post-tax
NPV8 for the Project of US$179M, an IRR of 26.7% and capex estimated at
US$131M (including a 25% contingency).  These figures solely relate to the
economics of a mining and primary processing operation in South Greenland and
do not take into account any potential upside from the downstream processing
operation which GreenRoc intends to establish. A Feasibility Study into the
establishment of a graphite spheronisation processing plant (published in May
and July 2024) shows a post-tax NPV8 for the project of US$621M, an IRR of
26.5% and capex estimated at US$340M (including a 25% contingency).

 

The Company has signed a Letter of Intent to secure an area for the Company's
future Active Anode Materials Plant in Southern Norway and has received
expressions of support from the European Raw Materials Alliance and the US
EXIM Bank for future development. In November 2024, GreenRoc and Morrow
Batteries a/s, a Norwegian Gigafactory signed a MoU to work together on a
regional supply chain of battery anode material and the Company received a
Letter of Interest from the Export and Investment Bank of Denmark (EIFO) in
January 2025.

 

GreenRoc also owns the Thule Black Sands Ilmenite Project ('TBS') in
Greenland, which has an initial Mineral Resource of 19Mt at 43.6% Total Heavy
Minerals with an in-situ ilmenite grade of 8.9%.

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