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GreenRoc Mining PLC on Friday announced a placing of 7.0 million new shares to raise £315,000.
The London-based mining company focused on the development of a critical minerals project in Greenland said the placing of 7.0 million new shares at 4.5 pence per share would be used to accelerate the development the company’s flagship Amitsoq Graphite Project in South Greenland.
The development that the proceeds raised will go towards includes the environmental and social impact assessment, test work on a 700 kilogramme bulk ore sample and marketing engagement as part of the commercialisation process.
The company said the placing price represented a discount of 14% to the closing price per share of 5.2p on December 8, and a 7.1% discount on the volume weighted average price of shares of 4.85p in the 20 trading days up to December 8.
The company will also put in place a broker option of up to £200,000 on the same terms as the placing, with priority given to existing shareholders.
GreenRoc said Stefan Bernstein, the company’s chief executive officer, had subscribed for £36,000 of shares.
‘As the world races to hit net zero energy targets and demand for electric vehicles rises, there is critical global demand for natural graphite of Amitsoq’s quality and grade. We are accordingly focused on fast-tracking this world-class project into production and are delighted to have raised this top-up funding to maintain our highly active development strategy,’ Bernstein said.
George Frangeskides, chair of Alba - which will hold a 50.76% shareholding in GreenRoc following the placing - said: ‘We are pleased to see GreenRoc successfully complete its top-up placing. We know that the proceeds will be put to very good use in funding an accelerated development programme at Amitsoq.’
GreenRoc shares were down 10% trading at 4.67p per share on Friday morning in London.
By Harvey Dorset, Alliance News reporter
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