TIDMGROC
RNS Number : 6649U
GreenRoc Mining PLC
27 November 2023
GreenRoc Mining Plc / EPIC: GROC / Market: AIM / Sector:
Mining
27 November 2023
GreenRoc Mining plc
("GreenRoc" or the "Company")
Placing Update: Additional Tranche To Raise GBP75k
GreenRoc Mining Plc (AIM: GROC), a company focused on the
development of critical mineral projects in Greenland, is pleased
to announce that, further to the RNS on 22 November 2023, it has
received additional gross proceeds of GBP75,000 by way of a placing
of 3,000,000 new ordinary shares of 0.1 pence each (the "Additional
Tranche Placing Shares") at a price of 2.5 pence per share (the
"Placing Price") (the "Additional Tranche").
This follows the Company raising gross proceeds of GBP460,786 by
way of a placing of 18,431,452 new ordinary shares of 0.1 pence
each at a price of 2.5 pence per share as announced in the
Company's RNS on 22 November 2023 (the "Original Placing")
As a result, the Company has now raised gross proceeds from both
the Original Placing and the Additional Tranche of GBP535,786 by
way of a placing of 21,431,452 new ordinary shares of 0.1 pence
each at a price of 2.5 pence per share.
The Company has agreed to facilitate the Additional Tranche in
particular to accommodate a request from an existing shareholder of
the Company who did not meet the book closing deadline for the
Original Placing. The net proceeds of the Additional Tranche will
support general working capital requirements.
GreenRoc's CEO, Stefan Bernstein, commented:
"The additional tranche of the placing of GBP75,000 underlines
the demand from shareholders and demonstrates strong investor
confidence in the business model, the assets, and the future
prospects of the Company."
Additional Tranche Placing Shares: Admission to Trading on AIM
and Total Voting Rights
Application will be made for the Additional Tranche 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 1
December 2023.
Following the issue of the Additional Tranche Placing Shares,
the total issued share capital of the Company will consist of
168,114,162 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
168,114,162. 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) Paul Dulieu / Isabel De
Salis / 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 Mining plc holds the Amitsoq exclusive exploration
licence MEL2013_06 of a total of 72.52km2 in the South of
Greenland.
-- Amitsoq 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.
-- Results of the Preliminary Economic Assessment were released
on 31 October 2023 stating a post-tax NPV8 of US$179M at an IRR of
26.7%. Capex estimated at US$131M including a 25% contingency.
-- Several samples have been extracted for the purpose of
testing the quality of the Amitsoq graphite.
-- 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 cSPG, 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 of 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).
-- On 9 October 2023, GreenRoc was awarded a grant of
approximately GBP250,000 by the Automotive Transformation Fund in
the UK to part-finance a feasibility study into the establishment
of a graphite spheronisation processing plant in the UK to produce
active anode material from graphite concentrate delivered from
GreenRoc's Amitsoq Graphite Project.
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END
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