Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
Amaroq Minerals fundraising oversubscribed by almost 50pc
(Sharecast News) - Amaroq Minerals announced the conclusion of its proposed fundraising on Tuesday, which it said was met with overwhelming demand.
The AIM-traded independent miner, focussed on gold and strategic energy transition minerals in Southern Greenland, said it had completed the placing of 62,724,758 new fundraising shares.
It said the shares were placed with both new and existing institutional investors at a price of 74p per share, resulting in net proceeds of £44m.
The net proceeds, exceeding the initially-targeted £30 million, were earmarked for further exploration activities at Amaroq's Vagar and Nanoq licences, as well as an additional capital injection into its Gardaq joint venture.
Amaroq said the total fundraising shares represented roughly 19% of the company's enlarged share capital after the fundraising.
It added that the placing price of 74p per share carried a 5.7% premium over the closing price on AIM on 9 February, which was the last practical closing price before it announced the fundraising.
Stifel Nicolaus Europe acted as the sole bookrunner and broker for the UK placing, as well as the company's nominated adviser.
Landsbankinn and Fossar Investment Bank were joint bookrunners for the Icelandic placing, with Landsbankinn serving as the underwriter.
"I would like to thank all participating shareholders for their strong support shown in this financing," said chief executive officer Eldur Olafsson.
"We were particularly pleased to note strong demand from the Scandinavian pension funds."
Olafsson said the funds raised would enable the firm to accelerate mining at Nalunaq, while continuing to invest in its exploration portfolio in both gold and strategic minerals across South Greenland.
"We now have great confidence in delivering on our objectives at the Nalunaq Mine and in enhancing our potential to deliver value for shareholders and local communities within Greenland, and I look forward to providing an update on specific timings for the Nalunaq project later this year."
At 1324 GMT, shares in Amaroq Minerals were up 2.62% at 75.43p.
Reporting by Josh White for Sharecast.com.
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity, Equity & Inclusion | Doing Business with Fidelity | Diversity, Equity & Inclusion Reports | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.
