Amaroq Minerals Ltd (TSX-V:AMRQ, AIM:AMRQ) told investors it has now closed its previously announced US$50.9 million senior secured package.
The mine development company, which holds gold and strategic minerals assets in Southern Greenland, noted in a statement that the package consisted of US$18.5 million senior debt term loans under revolving credit facilities provided by Landsbankinn and Fossar Investment Bank, and a total of US$22.4 million convertible notes, with US$16 million of convertible notes issued to ECAM LP, US$4 million of convertible notes issued to JLE Property and US$2.4 million of convertible notes issued to Livermore Partners.
It also includes an overrun loan from JLE Property Ltd. of up to US$10 million under a revolving credit facility.
The company said the proceeds from the convertible notes and the facilities will be used to fund the transition of its Nalunaq mining licence from a bulk sample trial mining development plan to staged, full-scale production of gold doré on site by bringing forward the construction of a processing plant and associated infrastructure.
“This marks a further milestone for Amaroq Minerals, enabling the transition to staged, full-scale production at the Nalunaq gold project. I would like to extend my thanks to our investors and debt funding partners,” commented Amaroq CEO Eldur Olafsson.
“We are working with a highly qualified team of professionals as we accelerate our progression to trial mining activities. We now look forward to commencing the next stage of operations at Nalunaq as we enter this new chapter.”
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