GreenRoc Strategic Materials plc has raised £735,000 via a 31.57% discounted placing and subscription for a total 56,538,462 new ordinary shares at 1.3 pence per share.
DIRECTORS’ DEALINGS
The fundraise comprises a placing of £500,000 from institutional investors, £165,000 from existing shareholders, £50,000 from its largest shareholder Alba Mineral Resources plc and £17,500 from directors of the company.
Alba’s shares were issued in lieu of fees for services.
Every two new ordinary shares issued in the fundraise has one warrant attached with an exercise price of 2p per ordinary share. The expiry date is two years after the date of the new ordinary shares’ admission to trading on AIM.
Alba and GreenRoc chairman George Frangeskides and GreenRoc chief executive Stefan Bernstein each subscribed for 384,615 ordinary shares for £5,000 taking their holdings to 1,312,393 and 2,096,281 respectively.
Independent non-executive directors Mark Rachovides and Andrew Panteli, and NED Mark Austin each subscribed for 192,308 for £2,500 to own 472,308, 483,974 and 483,974 shares, respectively.
Following admission, GreenRoc’s total issued share capital will consist of 251,421,671 ordinary shares of 0.1 pence each. The company holds no ordinary shares in treasury.
Proceeds will be used to assess grant funding and prepare detailed applications to advance the Amitsoq graphite project in Greenland and progress the submitted exploitation licence application.
The company will also test for graphite anode material; analyse CO2 emissions associated with planned production of graphite anode material; and continue discussions with potential strategic and offtake partners.