GreenRoc Mining plc has raised gross £238,311 by placing 13,239,499 new ordinary shares of 0.1 pence each, at a price of 1.8 pence per placing share, for its Amitsoq graphite project in Greenland.
USES
The company said that its founder and largest shareholder Alba Mineral Resources plc, an Alba non-executive director and the majority of its board and management had indicated they would participate in a share placing, on the same terms, for a total further £110,000.
This will be once the GreenRoc is no longer in a close period for share dealings, which is expected to be by the end of May when it publishes its audited financial results for year ended November 2023.
Admission of 11,850,611 of the placing shares will settle on a T+6 basis and 1,388,888 on a T+20 basis.
Following admission of the 13,239,499 placing shares, GreenRoc’s total issued share capital will consist of 181,353,661 ordinary shares of 0.1 pence each, with voting rights.
The company holds no shares in treasury.
Proceeds will help fund the pre-feasibility study on a graphite active anode materials plant with studies; finalise pressurised flotation cell beneficiation tests of Amitsoq graphite ore; and testwork on using coarser flakes for expandable graphite production.
GreenRoc will also use the proceeds to translate the Amitsoq technical project description document into Greenlandic for public pre-consultation; enter the DigBee scheme for the mine’s environment, social and governance performance; prepare an application for strategic project status for the European Union; and continue off-take discussions.