Amaroq Minerals Ltd (TSX-V:AMRQ, AIM:AMRQ) has announced the successful completion of its proposed fundraising as unveiled on October 19, 2022, raising gross proceeds of £30 million (C$47 million).
The company said a total of 85,714,285 new common shares have been conditionally placed with new and existing institutional investors at a price of 35p (C$0.54) each. Out of the total fundraising shares, a total of 53,734,633 Icelandic Depositary Receipts were conditionally placed as part of the Icelandic placing at 56.77 Icelandic kroner each.
In a statement, 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."
READ: Amaroq Minerals proposes £30M equity financing
The total fundraising shares represent approximately 33% of the company's enlarged share capital after the completion of the fundraising.
The placing price represents a 2.78% discount to the closing price on October 19, 2022, on AIM, being the last practicable closing price prior to the announcement of the fundraising.
Certain directors have participated in the Canadian subscription, acquiring a total of 4,972,871 new common shares representing gross proceeds of pounds £1.74 million (C$2.70 million).
Stifel Nicolaus Europe Limited acted as sole bookrunner, nominated adviser and broker on the UK Placing and Panmure Gordon (UK) Limited acted as manager and broker in relation to the UK placing. Arion Bank and Landsbankinn hf acted as joint bookrunners and underwriters on the Icelandic placing.
Contact the author at jon.hopkins@proactiveinvestors.com