London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Negative thoughts?. I only ever have positive thoughts until I lose money:). But joking aside I agree, a director stumping up that kind of cash must be feeling very positive about the prospects. No pun intended.
One might expect it to attract some attention from commentators. The market reaction is pretty flat today.
My Guess is that David Neuhauser is the director that will add
We by-passed it this morning.
‘The Director ( of Amaroq )has committed to subscribe for approximately £2.0 million (equivalent to C$3.4 million or ISK 343 million) in the Fundraising.’
It’s a lot of money. I take the view that dispels any reasonable doubt about foreseen progress, and any negative thoughts about dilution.
In case of oversubscription of the Fundraising, the Company may increase the offer size with the use of additional proceeds to be focused on further exploration at Vagar and Nanoq and a capital injection into its Gardaq joint venture.’
Bearing in mind what has also been said, there seems a distinct possibility of more than £30m being raised at the price. We’ll find out when they finish.
‘As announced on 11 February, the Company has already received indications of interest from investors in excess of £30.0 million at the Placing Price.’
I think AMRQ are pretty well funded, but yes if you're presented with an opp to raise more funds (esp not at some horrendous disc) then you take it, you never know when you won't be able to raise.
I also think AMRQ will not squander the funds, they'll be deployed to move the value proposition forward in the company.
@Culpepper. "As a punt on a miner, doesn’t seem a bad one."
Agreed that's why I have a few shares. Did buy in the mistaken belief their probably would not be a placing (for a good while at least) but here we are. My error of judgement.
To me, they are well-funded at this stage and apparently won’t be carrying debt into first production at it seems, good recovery rates. As a punt on a miner, doesn’t seem a bad one. And there’s the strategic minerals prospectively on top.
@PaulFG. I would not call that cynical but even if it was its pretty much impossible to be too cynical with AIM. It seems that a company (especially a mining company) is never 'fully funded', there is always the possibility for a bit more money to be spent 'optimizing projects'. The reception to all this seems pretty favorable so I guess there is a lot of faith in the company from larger investors. Being something of a cynic myself I still see this as something of a dilution although not presently a damaging one!.
Well, would they be bothered? The share price is one thing. Getting cash in at a price that suits shareholders and themselves, including a director buying, is what they achieved.
So colour me cynical, but I couldn't understand why the sp decreased last week.
I'm now wondering if it was sold down, on pretty small volume, to enable the word 'premium' ?
Iceland trading in line with uk. See what Canadians make of it later.
And looking ahead, this seems to be the base the placees are coming off.
‘The resource now sits at 355 Kt @ 28.0 g/t Au for 320 Koz gold, putting the project in the top 2% of projects globally in terms of reported gold resource grade.’
‘As a result of the Fundraising, the Company will become net debt free.’
£30mn placing at a premium!
TORONTO, ONTARIO - 12 February 2024 - Amaroq Minerals Ltd. (AIM, TSX-V, NASDAQ Iceland: AMRQ), an independent mining company with a substantial land package of gold and strategic energy transition mineral assets in Southern Greenland, confirms, further to its announcement on 11 February 2024, its intention to conduct a placing and subscription of new common shares (“Common Shares”) to raise gross proceeds of approximately £30.0 million (equivalent to approximately C$51.0 million or ISK5.2 billion) (the “Fundraising”) at a price of 74 pence (C$1.25, ISK127) per new Common Share (the “Placing Price”), with the net proceeds being used to accelerate development and exploration activities.
As announced on 11 February, the Company has already received indications of interest from investors in excess of £30.0 million at the Placing Price.
https://www.londonstockexchange.com/news-article/AMRQ/proposed-fundraising/16327369
Not sure why the price has come off a little. 69 @ 70p, tightest spread I've seen in a long time.
Https://www.linkedin.com/posts/thyssen-schachtbau_nalunaqmine-amaroqminerals-thyssenschachtbau-ugcPost-7160553094265643010-WXET?utm_source=share&utm_medium=member_desktop
Nice to see some photos of construction work at the Nalunaq mine
Ahead of Amaroq's Public Consultation in Greenland, the team talk through the history of the project, impact on Greenland and the future of the Nalunaq Gold Mine.
https://twitter.com/Amaroq_Minerals/status/1751942535243616728
Indeed @metis very promising, again pointing us where to drill next to hopefully expand the resource significantly. If they carry out this further drill this year - together with targeted areas in Sava, H2 2024 could really add value - that said we're already pushing £200m in the mcap... So, I think we need something concretely significant to really rerate the mcap - like a jorc defined resource/ revised jorc
Https://www.londonstockexchange.com/news-article/AMRQ/high-grade-extension-of-target-block-confirmed/16307081
Very promising channel sampling results from within the Nalunaq mine. Includes:
"In addition, further sample results now confirm the significant extent of the newly discovered 75 Vein, now with a total extension similar to that of the Main Vein. This body is now known to extend above all mining blocks with grades of up to 256g/t Au over 0.5m above the Mountain block, 22.59g/t Au over 0.59m above the Target Block, 175g/t Au over 0.51m above the South Block and 15.5g/t Au over 1.45m above the Valley Block. These results enable us to robustly model this second vein and, following further drilling results, we hope to be in a position to define a Mineral Resource for this vein in the near future.
That’s pretty much it. The better side is that it extends mine life and proves multi asset. Equals higher multiple when it gets going.
Only had a chance to skim through these, but the main theme I'm picking up is they've identified more areas of interest to investigate. SO good for planning the next round of drilling, I guess.
Perhaps these contain better news buried within it but skim surface read that's what I'm taking away.
Hope to see the updates of Sava and Stendalen by next week. + a major update on construction progress on Nalunaq