GreenRoc Mining plc has raised £315,000 through a discounted placing of 7 million new ordinary shares each at a price of 4.5 pence.
DISCOUNT
The placing price represents a discount of 13.5% to the closing price per GreenRoc ordinary share of 5.2 pence on 8 December 2022.
It is also a discount of 7.1% to the volume weighted average price of GreenRoc ordinary shares of 4.846 pence in the 20 trading days up to and including 8 December 2022.
DIRECTOR DEALINGS
Chief executive officer Stefan Bernstein subscribed for £36,000 of shares.
The company said that a “significant proportion” of the placing was taken by new investors introduced to GreenRoc by Mr Bernstein.
BROKER OPTION
The company will also put in place a broker option for those existing shareholders and other investors who had no opportunity to participate in the placing.
Participants can acquire up to a total of 4,444,444 new ordinary shares to raise up to £200,000 before costs.
On admission, the enlarged issued share capital of GreenRoc will comprise 118,200,001 ordinary shares, each with one voting right. The company holds no ordinary shares in treasury.
USES
Proceeds will support an accelerated development programme of the company’s flagship Amitsoq graphite project in South Greenland.