Amaroq Minerals Ltd (TSX-V:AMRQ, AIM:AMRQ) has announced, following its previously announced total fundraising of C$47 million, an initial closing in which it has raised about C$29 million in Iceland through a share placing.
The company said the funds were raised through the placing of 53,734,633 shares of Amaroq, which have been issued and admitted to training on AIM and the TSX Venture Exchange (TSX-V).
The shares will be listed as depository receipts (IDRs) on the Nasdaq First North Growth Market in Iceland under the ticker symbol “AMRQ”, the company said.
53,734,633 IDRs will be admitted to trading, with each IDR having a nominal value of ISK 1, with the first day of trading on First North Iceland expected to be November 1, 2022.
Amaroq said 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 TSX-V, with admission expected on AIM at 8 am GMT and on TSX-V on 2 November 2022.
Arion Bank hf. and Landsbankinn hf. acted as agents in connection with Icelandic fundraising and in consideration for their services the agents received a cash commission equal to C$1,668,318.03, the company noted.
Amaroq Minerals' principal business objectives are the identification, acquisition, exploration, and development of gold and strategic metal properties in Greenland.
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