TIDMGROC
RNS Number : 9827H
GreenRoc Mining PLC
02 August 2023
GreenRoc Mining Plc / EPIC: GROC / Market: AIM / Sector:
Mining
2 August 2023
GreenRoc Mining plc
("GreenRoc" or the "Company")
Placing to raise GBP470k
GreenRoc Mining Plc (AIM: GROC), a company focused on the
development of critical mineral projects in Greenland, is pleased
to announce that it has raised gross proceeds of GBP470,000 by way
of a placing of 12,368,422 new ordinary shares of 0.1 pence each
(the "Placing Shares") at a price of 3.8 pence per Placing Share
(the "Placing Price") (the "Placing").
The net proceeds of the Placing will be put towards finalisation
of the preliminary economic assessment (PEA) of the Amitsoq
project, laboratory preparation of different graphite product
samples as requested by a potential offtaking company, ongoing work
including field sampling in relation to the Environmental and
Social Impact Assessment studies and test processing of Amitsoq
graphite ore by new flotation cells developed by a consortium led
by Danish multinational technology company FLSmidth & Co A/S
("FLSmidth"). The net proceeds will also support further commercial
negotiations with potential offtake and financial partners, and
general working capital requirements.
GreenRoc's CEO, Stefan Bernstein, commented:
"I am very pleased about our successful raise of GBP470,000,
which will allow us to finalise the PEA for publication in
September, and further progress the work programme and planning for
the development of the Amitsoq graphite deposit towards
production.
"We are grateful for the participation in the placing of Alba
Mineral Resources Plc and other existing shareholders of GreenRoc,
which we take as a confirmation of the strength of their continuing
belief in the fundamentals of GreenRoc and our world-class Amitsoq
project.
"The raise was undertaken at 3.8p which is our current share
price and I take that as yet another sign of strong support and
belief in our Amitsoq project.
"I am also excited to supply a 200kg sample of Amitsoq graphite
ore for test runs using FLSmidth's new REFLUX(TM) technologies.
These REFLUX(TM) cells are newly developed and have shown to vastly
improve recovery rates while reducing ore processing time, power
and water consumption, capital and running costs and space needs
for several different ore types. Positive results from this test
will be very helpful in delineating the right processing technique
at Amitsoq."
Alba Mineral Resources Plc holding
Alba Mineral Resources Plc ("Alba") has subscribed for 3,026,316
Placing Shares as part of the Placing. Following the Placing, Alba
will hold 63,026,317 shares, equivalent to 42.97% of the Company's
issued capital.
Related Party Transaction
Alba's subscription for Placing Shares (the "Subscription")
constitutes a related party transaction as defined by the AIM
Rules. The independent directors of the Company (being all
directors of the Company other than George Frangeskides and Mark
Austin) consider, having consulted with Cairn Financial Advisers
LLP, the Company's nominated adviser, that the terms of the
Subscription are fair and reasonable insofar as the Company's
shareholders are concerned.
Warrants
As a commission fee for raising GBP200,000 of funding, the
Company has granted a total of 315,789 warrants with an exercise
price of 3.8 pence to G-Force Capital Ltd (the "Warrants"). The
Warrants are exercisable until 7 August 2025.
Share Placing: Admission to Trading on AIM and Total Voting
Rights
Application will be made for the Placing Shares, which will rank
pari passu with the existing ordinary shares of 0.1 pence each, to
be admitted to trading on AIM ("Admission"). It is expected that
Admission will become effective and that dealings will commence at
8:00 a.m. on or around 7 August 2023.
Following the issue of the Placing Shares, the total issued
share capital of the Company will consist of 146,682,710 ordinary
shares of 0.1 pence each. The Company does not hold any ordinary
shares in Treasury, therefore the total current voting rights in
the Company following Admission will be 146,682,710. This figure
may be used by shareholders in the Company as the denominator for
the calculations by which they will determine if they are required
to notify their interest in, or a change in their interest in, the
share capital of the Company under the FCA's Disclosure Guidance
and Transparency Rules.
Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this announcement.
**ENDS**
For further information, please contact:
GreenRoc Mining plc
Stefan Bernstein, CEO +44 20 3950 0724
Cairn Financial Advisers LLP (Nomad)
James Caithie / Sandy Jamieson /
Louise O'Driscoll +44 20 7213 0880
-----------------
SP Angel (Broker)
Ewan Leggat, Charlie Bouverat +44 20 3470 0500
-----------------
St Brides Partners Ltd (Financial
PR & IR) Susie Geliher / Paul Dulieu
/ Isabelle Morris +44 20 7236 1177
-----------------
About GreenRoc
GreenRoc Mining plc is an AIM-quoted company which is developing
mining projects in Greenland in critical, high-demand and
high-value minerals.
Led by a group of highly experienced mining industry
professionals, GreenRoc has a portfolio of 100% owned projects all
of which have defined Resources:
-- Amitsoq Graphite Project , one of the highest-grade graphite
deposits in the world with a combined Measured, Indicated and
Inferred JORC Resource of 23.05 million tonnes (Mt) at an average
grade of 20.41% graphite, giving a total graphite content of 4.71
Mt;
-- Thule Black Sands Ilmenite Project ('TBS'), which has an
initial Mineral Resource of 19Mt at 43.6% Total Heavy Minerals with
an in-situ ilmenite grade of 8.9%; and
-- Melville Bay Iron Project , which has a Mineral Resource
Estimate of 67Mt at 31.4% iron and has been proven to be
processable to a high-grade, 70% concentrate with low
impurities.
About Amitsoq
Amitsoq is located in the Nanortalik region of southern
Greenland and has been confirmed as one of the highest-grade flake
graphite projects in the world. GreenRoc is focused on
fast-tracking the development of Amitsoq into a producing mine in
the shortest possible timeframe to meet critical demand from
Electric Vehicle ('EV') manufacturers in Europe and North America
for new, high grade and conflict-free sources of graphite.
Key points about Amitsoq:
-- GreenRoc's primary focus at Amitsoq is on developing the
Amitsoq Island Deposit, which has a total inferred, indicated and
measured JORC Resource of 23.05 million tonnes (Mt) at an average
grade of 20.41% Graphitic Carbon ("C(g)"), giving a total graphite
content of 4.71 Mt.
-- Deposits with compliant resources above 20% contained
graphite grade are scarce, with the average global grade of
graphite resources being just 8.45% (according to S&P
Global).
-- Independent micronisation and spheronisation test work has
proven that Amitsoq graphite can be easily upgraded to high-grade
anode-quality graphite, otherwise known as high purity spherical
graphite or HPSG, a key raw material in the manufacturing of
EVs.
-- In GreenRoc's test work programmes, Amitsoq spheronised
graphite has achieved higher than 99.95% purity with relatively
little energy input and processing and using the milder alkaline
purification method compared to the industry standard hydrofluoric
acid, boding well for future production costs and sustainability
commitments.
-- Significant further upside exists at Amitsoq as the Amitsoq
Island Deposit is open in at least two directions with potential
for considerable further expansion via the similarly high-grade
Kalaaq Mainland Deposit as well as a series of other high-grade
targets on GreenRoc's licence package.
-- The deposit was in small-scale production about 100 years
ago, and there remains considerable underground mine development in
place from that time, which will be of considerable benefit to
GreenRoc in the mine construction phase.
-- Following a detailed evaluation process, the European Raw
Materials Alliance has expressed its support to GreenRoc and its
Amitsoq graphite project, stating that "GreenRoc's graphite
resource is of global importance and, together with the Company's
strategy, will enable the European Union to achieve a certain level
of independence for the electrical vehicle supply chain. ERMA has
approved the Amitsoq Graphite project and will engage to support
its development and financing to produce these critical raw
materials for the benefit of the European Union goals." (see RNS
dated 8 February 2023).
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END
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