Proactive Investors - Amaroq Minerals Ltd (TSX-V:AMRQ, AIM:AMRQ) has wrapped up an oversubscribed fundraising, netting nearly £44 million in proceeds to advance its exploration plans in Greenland.
The company has placed a total of 62,724,758 new shares with both new and existing institutional investors at a price of 74 pence (equivalent to C$1.25 at the closing exchange rate on February 9) per share.
The placement has generated approximately £44 million (C$75 million, ISK 7.6 billion) in net proceeds, surpassing the initial target of £30 million.
Funds will be used to advance exploration at the company’s Vagar and Nanoq licenses and to inject additional capital into its Gardaq joint venture.
Eldur Olafsson, CEO of Amaroq, expressed gratitude to participating shareholders for their strong support in the financing.
“We now have great confidence in delivering on our objectives at the Nalunaq Mine and in enhancing our potential to deliver value for shareholders and local communities within Greenland," said Olafsson.
Olafsson highlighted the substantial interest from Scandinavian pension funds and outlined the company's plans to accelerate mining at Nalunaq while continuing to invest in exploration across South Greenland.
He also hinted at providing an update on specific timings for the Nalunaq project later this year.